By Jade Markus, Commodity News Service Canada
WINNIPEG, December 18 – ICE Canada canola contracts were stronger at midday Friday, supported by Chicago Board of Trade soy contracts, and a weaker Canadian dollar.
“Canola itself really continues to do nothing on its own. It’s really being led around by the soy markets,” said one Winnipeg-based trader.
He added that a weaker Canadian dollar is also underpinning the market, and if it weren’t for weakness in the currency, canola could be C$30 lower.
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There’s still good commercial buying under the market every day, despite lower volumes ahead of the holidays, he said.
“It’s well supported here right now, it’s attractive to buyers.”
Canola is likely to stay rangebound, but well-supported, he said.
The market has been moving into year-end trading as traders start to cash out, as there are only a few trading days left in 2015.
The Canadian dollar was weaker at midday on Friday.
Malaysian palm oil closed mostly lower.
About 13,322 canola contracts had traded as of 10:50 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:50 CST:
