By Dave Sims, Commodity News Service Canada
WINNIPEG, August 15 – Canola contracts on the ICE Futures Canada platform were lower Friday morning following soyoil and feeling pressure from the Canadian dollar which was up a third of a cent against its American counterpart.
Technical signals are adding to the losses in canola as the November contract hit fresh lows.
New numbers from the USDA show 79.25 million acres of the US soybean crop have been enrolled in subsidy programs which seemed to be on the low side. This was bullish for soybeans which helped temper the losses in canola, said an analyst.
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Supplies of new-crop soybeans are low which is supportive but expectations for a big production this year limited the upside in the US market.
Persistent dryness in parts of Western Canada continues to be a bullish influence, according to an analyst.
About 3,700 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 429.30 dn 3.10
Jan 433.70 dn 3.80
Mar 436.40 dn 3.30
Milling Wheat Oct 200.00 unch
Dec 205.00 unch
Durum Oct 250.00 unch
Dec 256.00 unch
Barley Oct 136.00 unch
Dec 138.00 unch
