WINNIPEG, Manitoba--The ICE Futures canola market was struggling to find direction at midday on Monday despite lower crude oil prices.
U.S. commodity markets are closed on Monday for Martin Luther King Jr. Day and will re-open on Tuesday. One trader also suggested that a lack of fresh news is causing little momentum in canola prices.
"The markets haven't shown much direction as of late. I don't think traders are going to push (canola) too far either way," the trader said. "It's very quiet. Markets are still on hold waiting to see what influences we have going into spring."
European rapeseed was lower on Monday, while Malaysian palm oil was mixed. Crude oil prices were declining due to quieter trade activity and a correction in the market after rallying over the past week.
The Canadian dollar was up less than one-tenth of a U.S. cent from Friday's close.
Nearly 6,500 canola contracts were traded as of 10:19 CST.
Canola Mar 840.00 unchanged
May 839.00 dn 0.70
Jul 840.80 dn 0.50
Nov 823.00 up 4.00
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-16-23 1241ET
