By Dave Sims, Commodity News Service Canada
WINNIPEG, April 22 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CDT on Friday, as the stronger Canadian dollar and sharply lower soy complex weighed down the market.
Malaysian palm oil and European rapeseed futures were both lower which contributed to the declines.
There are some ideas that damage estimates to the crop in Argentina have been overdone, according to a report.
However, canola has shown some independent strength as the market hasn’t fallen as sharply as soybeans, a trader in Winnipeg said.
“Canola isn’t going down with the US markets because it didn’t go up with them fully,” he said.
Yesterday’s bullish planting intentions report by Statistics Canada continues to support the market.
Crude oil is higher which is supportive.
Dry conditions across part of Western Canada helped to limit the losses.
About 18,500 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
