Canola contracts on the ICE Futures Canada platform were lower at 10:40 CDT on Friday, as traders exited the July contract in favour of the more deferred values.
“Soybeans are up, down and sideways, meal is under pressure. Are we done with that crazy rally? Canola is caught in the middle, watching the US market for direction,” said a Winnipeg-based trader.
Rain in Western Canada has erased many worries crop-watchers had about excess dryness.
Canola continues to look pricey relative to other oilseeds, said an analyst.
However, the Canadian dollar was lower relative to its US counterpart, which made canola more desirable to foreign buyers.
Chicago Board of Trade soybeans and soymeal were higher, which limited the declines.
“We may be seeing a little bit of crusher buying,” added the trader.
About 25,200 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
