By Dave Sims, Commodity News Service Canada
WINNIPEG, July 4 – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CDT on Monday, due to action in the Canadian currency.
The Canadian dollar was roughly half a cent higher relative to its US counterpart, which made canola less attractive to foreign buyers.
American markets were closed for Independence Day which exaggerated the declines.
Canola was likely playing catch-up with the soy market’s losses on Friday when Canadian markets were closed for Canada Day.
Weather in the Canadian Prairies is favourable for the development of canola, which weighed on prices.
However gains in Malaysian palm oil and European rapeseed futures helped minimize the losses.
There are ideas canola is underpriced compared to other oilseeds.
About 3,100 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:
