By Jade Markus, Commodity News Service Canada
WINNIPEG, December 9 – ICE Canada canola contracts were slightly weaker in choppy trade Friday morning.
The Canadian dollar was stronger against its US counterpart in early activity on Friday, which pressured the market.
A stronger loonie makes canola less appealing to international buyers—especially as the currency is at its highest levels since October.
Weakness in the Chicago Board of Trade soy oil and Malaysian palm oil markets added to the downside.
On the supportive side of things, the market was underpinned by commercial buying after holding above key support levels on Thursday.
Ideas that farmer-selling has slowed were also bullish.
Gains in the CBOT soybean market also limited losses.
Traders were positioning ahead of a United States Department of Agriculture supply and demand report due out at 11:00 CST.
About 4,122 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
