By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 29 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Monday, taking some direction from advances in Chicago Board of Trade soybeans.
“Canola’s not doing anything on its own,” said a Winnipeg-based broker adding “it’s largely matching what the soy markets are doing, plus or minus a dollar.”
Gains in CBOT soybeans were tied to weather concerns in South America, with excessive moisture in parts of Brazil and persistent dryness in Argentina.
Speculators accounted for much of the activity, with only routine commercial business taking place in the background, according to the broker.
About 14,000 canola contracts had traded as of 10:56 CST.
