By Jade Markus, Commodity News Service Canada
WINNIPEG, May 13 (CNS Canada) – ICE Canada canola contracts were mostly stronger in light-volume trading on Friday, supported by losses in the Canadian dollar.
“It’s beginning to turn downward, so that’s giving canola good support today,” said one Winnipeg-based trader.
A weaker Canadian dollar makes canola more appealing to international buyers.
He added that the canola market has room to rebound after sharp losses in the previous two sessions, which further supported prices.
Soy oil prices were softer at midday on Friday, but had recovered some upside since Thursday’s close, which added to canola’s advances.
But losses in Chicago Board of Trade soybeans limited gains and added pressure to far contracts.
“Still very choppy, erratic action in the US markets, kind of nervous spring trading upon us right now,” the trader said.
Malaysian palm oil closed mixed, which further capped advances.
About 8,942 contracts had traded as of 10:40 CDT.
Milling wheat, durum and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
