By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 14 (MarketsFarm) – ICE Futures canola contracts were trading to both sides of unchanged at midday Tuesday, with the bias turning lower in thin and choppy activity.
Early losses in Chicago Board of Trade soyoil put some pressure on the market, but soyoil recovered and canola also found support, according to a broker.
He described activity as “jittery,” as traders await more details on the Phase One trade deal between the United States and China set to be signed in Washington on Wednesday.
“Everybody is anticipating some kind of news to pop up, but nobody is too confident about exactly what that will be,” said the broker.
About 8,400 canola contracts traded as of 10:49 CST.
Prices in Canadian dollars per metric tonne at 10:49 CST:
Canola Mar 482.50 dn 0.40
May 491.10 dn 0.70
Jul 496.20 dn 0.90
Nov 498.00 dn 0.90