By Phil Franz-Warkentin, Commodity News Service Canada
April 4, 2014
Winnipeg – ICE Canada canola contracts were weaker Friday morning, after trading to both sides of unchanged in choppy overnight activity.
Increased farmer selling was behind some of the weakness in canola, as cash bids have shown some improvement recently and producers are looking to make some sales ahead of spring seeding.
A firmer tone in the Canadian dollar, which was up half a cent relative to its US counterpart, weighed on canola as well. The stronger currency cuts into crush margins and also makes exports less attractive.
On the other side, overnight gains in Malaysian palm oil and the CBOT soy complex were somewhat supportive, although soybeans were starting to turn lower.
About 2,500 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:43 CDT:
