By Jade Markus, Commodity News Service Canada
WINNIPEG, September 8 – ICE Canada canola contracts were slightly higher at midday on Thursday, propped up by losses in the Canadian dollar.
The loonie weakened against its US counterpart, pressured by data from the American labour department, which reflects last week’s lower jobless claims.
“Light-volume trade today with very little movement, we’re going up and down 50 cents over a period of time, but that’s about it,” said one Winnipeg-based trader.
Gains in the Chicago Board of Trade soy oil and Malaysian palm oil markets added spillover support to canola.
However, a report released on Wednesday by Statistics Canada limited advances.
StatsCan pegged canola stocks at 2.016 million metric tonnes as of July 31, which is bearish.
Harvest-pressure was also a feature, though there are areas of concern across the Prairies.
About 8,906 contracts had traded as of 10:06 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
