By Dave Sims, Commodity News Service Canada
WINNIPEG, March 2 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at midday Friday, due to weakness in the Canadian currency.
U.S. President Donald Trump’s proposal to impose stiff tariffs on steel and aluminum imports rattled investors around the world, throwing some caution into the market.
“Does China come back with something on the agricultural side?” said a trader in Winnipeg. He added India’s decision to raise chickpea duties was also creating uncertainty in the market.
Strength in U.S. soyoil helped bolster prices.
However, traders were unwilling to take on new positions due to all the uncertainty. A meeting on biofuel is due to take place in the U.S. next week followed by the USDA’s Supply and Demand Report.
Weakness in U.S. soybeans was bearish for prices.
About 9,800 canola contracts had traded as of 10:45 CST.
Prices in Canadian dollars per metric ton at 10:45 CST:
