By Dave Sims, Commodity News Service Canada
WINNIPEG, March 19 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at midday Monday, as losses in the U.S. soy complex outweighed any bullish action caused by the sinking value of the Canadian dollar.
Canola futures are still long. However, some funds were exiting those positions.
Low volumes exaggerated the gains.
“Canola is still holding up very well (relative to U.S. soy),” said a trader in Winnipeg. “We should be lower.”
The drought damage caused in Argentina is mostly fading from the market as traders focus on oilseed crops in North America.
However, recent weakness in the Canadian dollar limited the losses.
Crusher demand for canola remains steady.
About 5,900 canola contracts had traded as of 10:35 CDT.
Prices in Canadian dollars per metric ton at 10:35 CDT:
