By Jade Markus, Commodity News Service Canada
WINNIPEG, July 15 – ICE Canada canola contracts were weaker at midday on Friday, pressured by favourable weather, and volatility in the Canadian dollar.
“In Canada the crops haven’t looked better,” said one Winnipeg-based farmer and trader.
“This is my 46th crop in Manitoba, and it’s the best I’ve ever had.”
He added that the canola market is also being swayed by choppy trade in the Canadian dollar.
“It seems like whichever way the Canadian dollar goes, we go the opposite in canola,” he said.
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However, the Canadian dollar was weaker against its US counterpart at midday on Friday, following advances earlier in the day, which limited losses in canola.
Canola could gain back ground near close, the trader said, based on action in the market yesterday. He noted that there could still be fund traders in long positions.
Malaysian palm oil closed stronger overnight, which further capped declines.
About 9,154 contracts had traded as of 10:45 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
