By Dave Sims, Commodity News Service Canada
WINNIPEG, January 13 – ICE Canada canola contracts were mostly lower Wednesday morning, with action in the Canadian currency weighing down the market.
The Canadian dollar was up approximately a third of a cent relative to its US counterpart which made canola less attractive to foreign buyers.
Ideas that yesterday’s gains were overdone may also have contributed to the advances.
Despite a trim to the size of the US soybean crop by the USDA, the overall numbers are still massive which dragged on values.
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Favourable weather has helped advance the South American soybean crop which undermined the canola market.
However, advances in the CBOT soy complex limited the losses.
Markets in China appear to have stabilized which was positive news for canola traders, said an analyst.
The bias has shifted to the upside, according to a report.
About 2,600 canola contracts had traded as of 8:52 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CST:
Price Change
Canola Mar 482.40 dn 0.50
May 490.30 dn 0.40
Jul 494.50 dn 0.10
Milling Wheat Mar 241.00 unch
May 244.00 unch
Durum Mar 322.00 unch
May 330.00 unch
Barley Mar 182.00 unch
May 188.00 unch
