By Dave Sims, Commodity News Service Canada
WINNIPEG, March 31 – Canola contracts on the ICE Futures Canada platform were slightly lower in choppy trading at 10:25 CDT on Thursday, feeling some pressure from action in the Canadian currency.
The Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to domestic crushers and international buyers.
Traders were positioning themselves ahead of the release of the USDA quarterly stocks and prospective plantings reports. Those reports are due to be released at 11:00 CT. A trader in Winnipeg said Canadian producers will look at the findings carefully.
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“What are the acres? What are the US farmers leaning towards planting? That’s going to influence the Canadian guy in some ways,” said the trader.
Large global stocks of soybeans and overnight losses in Malaysian palm oil were also bearish for canola.
However, gains in Chicago Board of Trade soyoil helped to limit the losses.
Commercial buying has been steady and some parts of Western Canada are too dry which was supportive.
Crude oil was also higher which was bullish for the market.
About 5,200 canola contracts had traded as of 10:25 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:25 CDT:
Price Change
Canola May 473.60 dn 1.00
Jul 478.90 dn 0.80
Nov 476.10 dn 1.10
Milling Wheat May 238.00 unch
Durum May 297.00 unch
Jul 298.00 unch
Barley May 176.00 unch
Jul 178.00 unch
