By Jade Markus, Commodity News Service Canada
WINNIPEG, December 17 – ICE Canada canola contracts were weaker at midday Thursday, following Chicago Board of Trade soy contracts, while volumes remain light ahead of the holidays.
“We’re waiting for Christmas, or something to happen. The US is sold off—canola is sitting at the same level,” said one Winnipeg-based trader.
A sharply weaker Canadian dollar, which fell to levels not seen since 2004 earlier in the day, limited losses somewhat.
The trader added that there is an element of farmer selling on Thursday.
“But I think it’s mostly just back selling,” he said.
Strong crush margins were also a feature. On Wednesday crush margins in the January contract sat at C$81.54 above the futures, according to ICE.
“The volumes being light has its impact on the market too.”
Malaysian palm oil closed weaker.
About 11,121 canola contracts had traded as of 10:55 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:55 CST:
