By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 9 (CNS Canada) – ICE Futures canola contracts were slightly lower Wednesday morning in thin and choppy activity.
Continued strength in the Canadian dollar accounted for some of the relative weakness in canola, as the currency has rallied sharply over the past week. The Bank of Canada is generally expected to be keeping interest rates unchanged when it releases its latest monetary policy statement later in the day, but the release could still sway the currency and commodity markets.
Soft commercial demand also weighed on canola, according to participants.
However, gains in Chicago Board of Trade soybeans provided some spillover support.
About 1,800 canola contracts had traded as of 8:41 CST.
