By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 3 (CNS Canada) – ICE Canada canola contracts were mostly lower Friday morning, retreating from earlier advances as sharp gains in the Canadian dollar weighed on values.
The currency was up by nearly a cent relative to its US counterpart, which makes exports less attractive to international buyers.
Relatively favourable growing conditions across most of Western Canada were also bearish.
However, there are still enough areas of concern to keep some weather premiums in the market at this early stage of the growing season, said participants.
Gains in Chicago Board of Trade soybeans and soyoil helped limit the losses in canola. Ideas that canola is looking underpriced compared to the product values were also supportive, as crush margins have grown to their highest levels of the past year.
About 9,500 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded.
