By Jade Markus, Commodity News Service Canada
WINNIPEG, December 28 – ICE Canada canola contracts were mixed, but mostly lower, in early activity on Wednesday.
The Canadian dollar was slightly higher against its US counterpart Wednesday morning, which pressured canola, as a stronger loonie makes the commodity less appealing to international buyers.
Mostly favourable South American crop conditions further pressured the market.
Argentina’s key growing regions have seen timely rains, easing trader concerns about dryness affecting the country’s crops.
However, deferred contracts were supported by follow-through buying, as investors are trying to bring the market back in line with Chicago Board of Trade soybeans. US prices advanced while canola was closed on Tuesday, which could underpin the market throughout the day.
About 12,566 canola contracts had traded as of 8:55 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
