By Dave Sims, Commodity News Service Canada
WINNIPEG, April 11 – Canola contracts on the ICE Futures Canada platform were mostly lower at 10:45 CDT on Monday, due to action in the Canadian dollar.
The Canadian dollar was up sharply relative to its US counterpart, which made canola less desirable to out-of-country buyers.
Large global supplies of soybeans also weighed down the market.
There are ideas canola is becoming expensive relative to other vegetable oils, according to a report.
Malaysian palm oil was weaker which was bearish.
However, the US soy complex was stronger which limited the losses.
Traders are putting a weather premium into the market as seeding is approaching, an analyst said.
Gains in crude oil were bullish for the market.
About 11,000 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:
Price Change
Canola May 479.00 dn 1.10
Jul 484.60 dn 0.90
Nov 483.00 up 0.10
Milling Wheat May 240.00 unch
Jul 240.00 unch
Durum May 296.00 unch
Jul 291.00 unch
Barley May 172.00 unch
Jul 174.00 unch
