By Jade Markus, Commodity News Service Canada
WINNIPEG, January 25 – ICE Canada canola contracts were slightly weaker at midday on Wednesday, holding up well despite a number of bearish factors.
Commercial buying is likely keeping some support in the market, said one Winnipeg-based trader, though he added that canola’s recent strength makes the commodity vulnerable to selling.
The Canadian dollar advanced against its US counterpart on Wednesday, which pressured canola.
A stronger loonie makes canola less affordable for international buyers.
Losses in the US soy complex added to the downside.
Chicago Board of Trade soybeans, soy meal and soy oil notched lower with mostly favourable South American weather.
About 7,285 contracts had traded as of 11:03 CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
