By Dave Sims, Commodity News Service Canada
WINNIPEG, March 4 – Canola contracts on the ICE Futures Canada platform was chopping around unchanged at 10:40 CST, as gains in the US soy complex were offset by Canadian currency issues.
Malaysian palm oil, European rapeseed futures and crude oil were all higher, which added to the upside.
Commercial demand remains steady while global financial markets firmed, which was bullish.
Some investors were likely squaring positions before the weekend, according to a Winnipeg-based analyst.
However, the Canadian dollar was roughly half-a-cent higher relative to its US counterpart, which made canola less enticing from an international buyer’s point of view.
China’s decision to tighten its import dockage on canola was also bearish, according to a report.
The advancing South American soybean harvest was also pressuring prices.
About 11,500 canola contracts had traded as of 10:40 CST.
Milling wheat and durum were untraded and unchanged while 25 barley contracts changed hands.
Prices in Canadian dollars per metric ton at 10:40 CST:
