By Dave Sims, Commodity News Service Canada
WINNIPEG, January 22 – Canola contracts on the ICE Futures Canada platform were weaker at 10:40 CST Friday in choppy trading, pushed lower by action in the Canadian dollar.
The Canadian dollar was higher relative to its US counterpart, which made canola less attractive to foreign buyers.
“It (rise in the Canadian dollar) will be reversing spreads and keeping some selling in the canola,” said an analyst.
Crush margins have leveled off somewhat while farmer selling has been regular, according to reports.
Some early seeded (soybeans) areas in Brazil are already being harvested, an analyst said.
However gains in soybeans limited the losses. As well, Malaysian palm oil, European rapeseed futures and crude oil were all stronger.
Forecasts for hot dry weather in Brazil were bullish as certain key areas could use more rain, according to reports.
Around 8,500 contracts had traded as of 10:40 CST,
Friday.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
