By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 18 – ICE Canada canola contracts were weaker Friday morning, as chart-based selling, rising production prospects, the firmer Canadian dollar, and spillover from the declines in CBOT soybeans all weighed on prices.
The nearby technical bias has shifted back to the downside, according to analysts, which accounted for some of the speculative selling in the market.
The Canadian dollar was up by two-thirds of a cent relative to its US counterpart, which cuts into domestic crush margins and makes Canadian canola less attractive to international buyers.
Seasonal harvest pressure contributed to the softer tone, although weather related harvest delays in some parts of the Prairies did help limit the losses to some extent.
About 5,500 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:48 CDT:
