By Jade Markus, Commodity News Service Canada
WINNIPEG, MB, September 9, 2016 (CNS Canada) – ICE Canada canola contracts were stronger at midday, propped up by sharp declines in the Canadian dollar.
The loonie lost ground against its US counterpart on Friday, tracking weakness in the crude oil market, which is bullish for canola, as it makes the commodity more appealing to international buyers.
“Canola was sitting pretty quiet, not doing too much, but when currencies make a big move traders won’t always start building it into the price right away,” said one Winnipeg-based trader.
But as the day has progressed, investors have started building the loonie’s losses in, especially as US markets are quiet, and providing limited underlying support.
Investors in Chicago Board of Trade soybeans are reluctant to make any big moves ahead of key reports due out from the United States Department of Agriculture on Monday, the trader said.
About 9,481 contracts had traded as of 10:22 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:22 CDT:
