By Jade Markus, Commodity News Service Canada
WINNIPEG, December 21 – ICE Canada canola contracts were stronger at midday Monday, supported by a weaker Canadian dollar.
Canola lagged behind Chicago Board of Trade markets by a few dollars on Friday, but on Monday it caught up, supported by a weak loonie.
“Other than that, there’s not a lot going on. There is some light but steady buying in canola,” said one Winnipeg-based trader.
He added that US markets are caught up in year-end volatility as traders close positions.
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“The Canadian dollar is still the dominant force for canola, overall keeping it at levels that are probably better than what would have been expected.”
Farmer selling is limited ahead of the holidays, but the trader said as prices move higher there may be light selling this week and into next week.
“But I imagine most growers will try to hold off until the New Year.”
Malaysian palm oil closed higher.
About 15,621 canola contracts had traded as of 10:40 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:40 CST:
