By Dave Sims, Commodity News Service Canada
WINNIPEG, June 6 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at midday Wednesday, weighed down by strength in the Canadian dollar and losses in Chicago Board of Trade soyoil.
“The big pop in the Canadian dollar is hurting crush margins,” noted a trader in Winnipeg.
Large funds have been liquidating long positions this week, which dragged on prices.
The chart structure is looking negative, according to the trader.
However, large pockets of dryness in southwestern Saskatchewan and southeastern Alberta were bullish for prices.
Advances in European rapeseed futures were supportive for the market.
About 7,700 canola contracts had traded as of 10:35 CDT.
Prices in Canadian dollars per metric ton at 10:35 CDT:
