WINNIPEG, Manitoba--ICE Futures canola contracts were trading to both sides of unchanged on Wednesday, although the bias was lower in the most active months at midday.
Strength in the Canadian dollar and losses in outside markets accounted for some of the selling pressure, with Chicago soyoil and European rapeseed futures both lower on the day.
Weakness in crude oil was also bearish for the commodity markets in general, amid uncertainty over Chinese demand due to an increase in COVID-19 cases in the country.
Crush margins remain wide for canola, which should be keeping some end user demand in the market.
About 19,600 canola contracts traded as of 11:55 a.m. EST.
Prices in Canadian dollars per metric tonne at 11:55 a.m. EST:
Price Change Canola
Mar 870.30 dn 1.30 May 866.20 dn 1.50 Jul 864.60 dn 1.50 Nov 832.20 dn 3.20
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
01-04-23 1231ET
