By Jade Markus, Commodity News Service Canada
WINNIPEG, April 1 – ICE Canada canola contracts were stronger Friday morning, supported by losses in the Canadian dollar and gains in Chicago Board of Trade soy oil.
The loonie lost ground against its US counterpart in early activity on Friday, as favourable jobs data propped up the greenback.
Declines in the Canadian dollar make canola more appealing to foreign buyers, which is bullish.
Chicago Board of Trade soy oil was also stronger on Friday, tracking gains in Malaysian palm oil, which added to the advances.
Traders are baking a weather premium into the market, as the northern hemisphere’s growing season nears.
However, gains in canola are causing increased farmer selling, which is putting a lid on prices.
About 2,729 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
