By Glen Hallick, Commodity News Service Canada
WINNIPEG, Jan. 28 (CNS Canada) – ICE canola futures were weaker at midday Monday, as soft export demand and losses in the Chicago Board of Trade soybeans weight in on values.
Canola bids won’t be making any big moves themselves, rather they are being pushed around by outside influences said a Winnipeg-based trader, adding canola has been finding some strength in soybean oil.
“Bean oil has now peaked. It might be due for a little bit of a pullback,” the trader said.
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On the other side, he continued, was the Canadian dollar which has been down slightly on Monday morning and supportive of canola.
However, one troubling factor has been the canola export numbers.
“Exports don’t seem to be perking up the way we had hoped they would,” the trader said, noting they are behind last year’s pace.
Then there will be reports issued by the United States Department of Agriculture this week, following the end of the partial shutdown of the U.S. government. He said no one knows for certain what transpired with exports leaving the U.S. during the 35-day shutdown. After the data has been released that could affect the markets either way.
More than 10,100 canola contracts were traded as of 10:50 CST.
