ICE canola weaker at midday

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Jan. 9, 2018 (CNS Canada) – ICE Futures canola contracts were mostly weaker at midday Wednesday, despite a weaker Canadian dollar and stronger soy complex.
“We’re kind of probably in the winter January doldrums and we’re going to be there for the next little while,” said a Winnipeg-based trader.
The dollar has been on rally for the last week, but found resistance Wednesday morning after the Bank of Canada downgraded its expectations for Canada’s economy for the year. The bank is now forecasting just 1.7 per cent growth this year, compared to 2.1 per cent a few months ago.
The Chicago Board of Trade soy complex found support after the United States and China wrapped up three days of trade talks this morning. The result was China releasing a vague statement saying that it pledges to buy a ‘substantial amount’ of U.S. goods.
About 6,500 canola contracts had traded as of 10:23 CST.

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