By Jade Markus, Commodity News Service Canada
WINNIPEG, May 6 – ICE Canada canola contracts were mixed, but mostly stronger in early activity on Friday, gathering support from weakness in the Canadian dollar.
The Canadian dollar lost ground against its US counterpart Friday, tracking losses in crude oil, which is bullish for canola as it makes the commodity more appealing to international buyers.
Strength in Chicago Board of Trade soybeans and soy oil also propped up canola ahead of the weekend.
Data from Statistics Canada was mildly supportive, but analysts don’t expect it to have a lasting effect on prices.
StatsCan pegs canola stocks as of March 31 at 7.491 million tonnes, compared with 8.328 million the year prior.
Dry weather in Western Canada was another supportive influence.
Canola could be pressured by profit-taking throughout the day.
Losses in Malaysian palm oil limited gains.
About 3,411 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
