By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 16 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed at midday Tuesday, with a number of outside influences pulling at the market.
“It’s hard to see a big direction,” said a broker adding “we could go up or down depending on what else happens.”
Losses in soyoil futures at the Chicago Board of Trade and a firmer tone in the Canadian dollar were both bearish for canola, putting some pressure on values.
However, CBOT soybeans were up at midsession and providing some spillover support. In addition, canola already moved lower on Monday when markets were closed in the United States, which tempered the activity on Tuesday.
About 6,400 canola contracts had traded as of 10:54 CST.
