WINNIPEG, August 5 – Canola contracts on the ICE Futures Canada platform were stronger Friday morning, due to action in the Canadian currency.
The Canadian dollar was sharply lower relative to its US counterpart, which made canola more attractive to domestic crushers and out-of-country buyers.
Chicago Board of Trade soybeans were higher, which benefited canola.
Concerns over excess moisture in parts of Western Canada were supportive.
Demand for oilseeds is strong and canola is considered somewhat of a bargain these days.
However, losses in Malaysian palm oil and CBOT soyoil weighed on prices.
Declines in crude oil were bearish for canola.
About 6,700 canola contracts had traded as of 8:50 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
