By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 7 (CNS Canada) – ICE Futures canola contracts were weaker at midday Friday, taking back most of Thursday’s gains as strength in the Canadian dollar weighed on values.
The currency was up by roughly half of a cent relative to its United States counterpart, which cuts into crush margins.
Ample supplies in the commercial pipeline also kept canola under pressure. Farmers delivered 405,300 tonnes of canola during the week ended Dec. 2, while exporters only moved 99,800 tonnes offshore, according to the latest Canadian Grain Commission report.
However, gains in Chicago Board of Trade soybeans provided some spillover support.
About 18,500 canola contracts traded as of 10:53 CST.
