By Jade Markus, Commodity News Service Canada
WINNIPEG, December 31 – ICE Canada canola contracts were lower at midday on Thursday, pressured by a stronger Canadian dollar and weakness in Chicago Board of Trade soy oil and meal.
“It’s not doing anything on its own, it’s just following those values,” said one Winnipeg-based trader.
US soy contracts and canola were both low-volume on Thursday ahead of the New Year.
“The last day of the year can be pretty quiet, but it can get pretty swingy too. Everything is working a little bit against canola.”
Profit taking from investors was also a feature, the trader said.
Recently canola has been able to find strength from a low Canadian dollar, which has pushed prices higher than they would otherwise be.
The Canadian dollar was stronger relative to its US counterpart at midday on Thursday.
Malaysian palm oil closed weaker.
About 2,645 canola contracts had traded as of 10:20 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:20 CST:
