By Jade Markus, Commodity News Service Canada
WINNIPEG, January 24 – ICE Canada canola contracts were higher at midday on Tuesday, underpinned by advances in outside oilseed markets.
Canola was quietly moving higher, tracking gains in the Chicago Board of Trade soy oil market, though one Winnipeg-based trader doesn’t expect those advances to hold.
“Pretty slow day,” he said. “There’s just not much happening.”
He added that Tuesday’s trade looks similar to previous sessions, when fund traders bought throughout the day, and moved to the sell side at the close.
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“It looks like it’s the same type of day that we’ve been having for the last few, we’ll take it up during the day and take it down in the last three quarters of an hour,” he said.
Advances in the Canadian dollar kept gains in check, and could add to the downside throughout the day.
A stronger loonie makes canola less appealing to international buyers.
Higher values and favourable weather are expected to be contributing to increased farmer-selling, which also capped gains.
About 10,973 canola contracts had traded as of 10:50 a.m. CST:
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 a.m. CST:
