By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 5 (MarketsFarm) – The ICE Futures canola market was mostly lower Wednesday morning, with strength in the Canadian dollar behind some of the selling pressure.
The currency was up sharply relative to its United States counterpart, hitting its strongest levels in five months. The stronger Canadian dollar cuts into domestic crush margins and makes exports less attractive to international buyers.
Signs that canola was running into resistance from a chart standpoint also put some pressure on values.
Chicago Board of Trade soybeans were posting small losses in early activity while soyoil was firmer, providing little direction for canola.
About 3,200 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Nov 489.50 dn 1.30
Jan 496.00 dn 1.30
Mar 499.50 dn 1.00
May 502.a0 dn 1.20
Futures Prices as of August 5, 2020
Prices are in Canadian dollars per metric ton