By Jade Markus, Commodity News Service Canada
WINNIPEG, December 10 – ICE Canada canola contracts were mostly higher at midday Thursday, as a weaker Canadian dollar and strength in Chicago Board of Trade soy contracts supported prices.
Speculator short-covering was also a feature, according to one Winnipeg-based trader.
“I think we may still see light spec short-covering in canola,” the trader said. “They’re still chipping away at it.”
Canola reversed and moved higher at midday in line with CBOT soybean oil.
“Kind of choppy action here, Canadian dollar is rather flat.”
Crushers are interested in buying, but not being aggressive in the market, he added.
“Farmer selling is pretty light, they’re also moved into holiday mode, I think.”
Malaysian palm oil closed lower.
About 10,198 canola contracts had traded as of 10:30 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:30 CST:
