By Dave Sims, Commodity News Service Canada
WINNIPEG, December 30 – ICE Canada canola contracts were mostly lower Wednesday morning on speculative trading.
The most-active March contract opened the session above the technically-important US$490 per tonne level, but was unable to hold the position and has retreated under it.
Slight losses in the US soy complex also helped undermine the market.
Farmers in Argentina look like they’re preparing to move more soybeans next week, which was also bearish.
Volatile trading is expected between now and the end of the calendar year, according to an analyst.
However, the Canadian dollar was lower relative to its US counterpart which helped make canola more attractive to foreign buyers.
Conditions in South America’s soy crop are improving, according to an analyst.
About 4,200 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:54 CST:
