By Dave Sims, Commodity News Service Canada
WINNIPEG, December 9 – Canola contracts on the ICE Futures Canada platform were slightly stronger on choppy trading at 10:40 CST Tuesday, as a rise in soyoil offset the bearish influence of the stronger Canadian dollar. The loonie was up nearly half a cent against its US counterpart.
Commercial buying was supportive for values, while farmer selling remained light, which also helped buoy the market.
“The dollar is working a little bit against canola,” said an analyst, adding the steep downward plunge in the TSX Index could also have a mild psychological effect on investors.
However, improved prospects for development of the soybean crop in South America were also bearish.
European rapeseed futures were slightly weaker which limited the losses.
Around 10,000 contracts had traded as of 10:40 CST, Tuesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
Price Change
Canola Jan 431.30 up 2.20
Mar 428.00 up 1.60
May 430.30 up 0.80
Milling Wheat Mar 239.00 unch
May 242.00 unch
Durum Mar 357.50 unch
May 357.50 unch
Barley Mar 177.00 unch
May 179.00 unch
