By Phil Franz-Warkentin, Commodity News Service Canada
January 30, 2015
Winnipeg – ICE Canada canola contracts were steady to mostly lower Friday morning, although activity was choppy as the market reacted to conflicting outside factors.
Losses in CBOT soybeans, generally bearish technical signals, and ample world oilseed supplies put some pressure on canola values, according to participants.
However, any losses in canola were tempered by the weakening Canadian dollar. The Canadian dollar dropped to fresh six-year lows relative to its US counterpart, losing nearly a cent as soft gross domestic product data weighed on the currency.
The softer currency makes canola look more attractive to exporters pricing in US dollars and is also supportive for crush margins.
A firmer tone in CBOT soyoil was helped underpin the canola market as well.
About 4,000 canola contracts had traded as of 8:47 CST.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:47 CST:
