By Dave Sims, Commodity News Service Canada
WINNIPEG, January 11 – ICE Canada canola contracts were lower in light and fractured trade Monday morning, with action in the Canadian currency weighing down prices.
The Canadian dollar was up approximately a third of a cent relative to its US counterpart which made canola less attractive to foreign buyers.
Losses in European rapeseed futures and crude oil were also bearish for prices.
Favourable weather has helped advance the South American soybean crop which undermined the canola market.
Thin volumes exaggerated the losses as many investors stayed on the sidelines ahead of tomorrow’s USDA quarterly stocks report.
However, the CBOT soy complex was higher which limited the losses.
Commercial selling was also supportive for prices, according to a report.
About 1,950 canola contracts had traded as of 8:55 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CST:
