By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 4 (CNS Canada) – ICE Futures canola contracts were mixed in overnight trade, although the bias was turning lower Friday morning.
The Canadian dollar rallied sharply relative to its United States counterpart on Thursday and was up by another third of a cent early Friday. The rising currency cuts into crush margins and makes exports less attractive to international buyers.
Ample supplies and a lack of significant end-user demand also weighed on values.
However, gains in Chicago Board of Trade soybeans and soyoil provided some underlying support, according to participants.
About 3,400 canola contracts had traded as of 8:52 CST.
