By Dave Sims, Commodity News Service Canada
WINNIPEG, March 18 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CDT on Friday, as large gains in the Canadian dollar this week continued to pressure the market.
The Canadian dollar is at its highest point in five months relative to its US counterpart, which has made canola less attractive to out-of-country buyers.
Uncertainty over future demand continues to weigh on the market in response to China’s decision to clamp down on dockage allowances of canola imports.
Losses in Chicago Board of Trade soyoil also dragged on prices.
However, gains in CBOT soybeans, crude oil and Malaysian palm oil limited the losses.
Excess dryness in parts of Western Canada is being watched carefully by farmers and stakeholders.
About 5,800 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:
