By Dave Sims, Commodity News Service Canada
WINNIPEG, January 21 – Canola contracts on the ICE Futures Canada platform were weaker at 10:40 CST Thursday, weighed down by the Canadian currency.
The Canadian dollar was sharply higher relative to its US counterpart which made canola less attractive to out-of-country buyers.
“Crush margins have also leveled off with the big spike in the dollar,” said a trader. Farmer selling has also been steady while large funds sit idle, he added.
Losses in Malaysian palm oil and European rapeseed futures were bearish for canola.
The South American soybean crop looks to be a large one with some early harvesting already underway in Brazil, according to a report.
However, crude oil and the Chicago Board of Trade soy complex were both higher which limited the losses.
Around 11,300 contracts had traded as of 10:40 CST, Thursday.
Milling wheat and durum were untraded while 25 barley contracts changed hands.
Prices in Canadian dollars per metric ton at 10:40 CST:
