By Phil Franz-Warkentin, Commodity News Service Canada
February 2, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at midday Monday, although activity was thin and choppy.
A broker described the activity as “back-and-forth” and “directionless,” with little fundamental news to speak of.
A stronger tone in the Canadian dollar, which was up by over half a cent relative to its US counterpart, accounted for some of the weakness in canola, according to the trader. He said speculative profit-taking was also weighing on values.
On the other side, gains in CBOT soyoil did provide some underlying support for canola, according to participants. Solid end user demand was also helping limit the losses.
About 7,000 canola contracts had traded as of 10:49 CST.
Milling wheat, durum and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:49 CST:
