By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 3 (CNS Canada) – ICE Canada canola contracts were weaker Wednesday morning, as a sharp rise in the Canadian dollar weighed on values.
The currency was up by nearly a cent relative to its US counterpart. That cuts into crush margins and makes exports less attractive to international customers pricing in US dollars.
A softer tone in CBOT soybeans put some spillover pressure on canola as well, according to participants.
However, advances in soyoil helped limit the losses in canola. Chart support was also holding to the downside, keeping canola in its sideways trading range.
About 6,000 canola contracts had traded as of 8:56 CST.
Milling wheat, durum, and barley futures were all untraded.
