By Phil Franz-Warkentin, Commodity News Service Canada
March 12, 2015
Winnipeg – ICE Canada canola contracts were mostly lower Thursday morning, seeing a correction following the sharp advances posted earlier in the week.
Losses in CBOT soybeans and soyoil put some spillover pressure on canola, according to participants.
A stronger tone in the Canadian dollar, which was trading back above 79 US cents in early activity, was also bearish for canola. The stronger currency cuts into crush margins and also makes exports less attractive.
The large South American soybean crop also continued to weigh on values.
The new crop November contract did lag the front months to the downside, with the need to keep some weather premiums in the futures ahead of spring seeding providing support to the more deferred positions.
About 5,400 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:45 CDT:
