By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 10 (CNS Canada) – ICE Futures Canada canola contracts were weaker Thursday morning, as strength in the Canadian dollar weighed on values.
The currency was up by another half a cent relative to the United States dollar after already posting solid gains on Wednesday, which cuts into crush margins and makes exports less attractive to global buyers.
Good seeding weather across Western Canada also weighed on values, amid expectations for record large canola acreage in the country.
However, many areas are dry and will soon be in need of moisture, which kept some weather premiums in the futures.
The United States Department of Agriculture releases its latest supply/demand estimates later in the day, and any surprises in the report could dictate where the futures settle.
About 2,600 canola contracts had traded as of 8:59 CDT.
