By Jade Markus, Commodity News Service Canada
WINNIPEG, March 18 – ICE Canada canola contracts were narrowly mixed in early activity on Friday, trading to both sides of unchanged as the Canadian dollar continued its gains.
The Canadian dollar reached its highest level of the year on Thursday at 77.23 US cents, and was still near those highs on Friday morning.
A stronger Canadian dollar makes canola less appealing to foreign buyers.
Follow through technical-selling after Thursday’s declines also pressured canola prices on Friday.
Chicago Board of Trade soy oil provided spill over support to canola on Friday.
Malaysian palm oil closed stronger overnight, which also propped up canola prices.
French officials have voted to slash an import tax on Malaysian palm oil after protests from Indonesia and Malaysia.
About 2,319 canola contracts had traded as of 8:38 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CDT:
