By Dave Sims, Commodity News Service Canada
WINNIPEG, July 21 – Canola contracts on the ICE Futures Canada platform were slightly lower in choppy trading at 10:40 CDT on Friday, tracking losses in the US soy complex and action in the Canadian currency.
The Canadian dollar was roughly half a cent higher compared to its US counterpart, which made canola less attractive to foreign buyers.
Forecasts calling for rain in the US Midwest weighed on the soy market, and by extension, canola.
Malaysian palm oil was lower, which weighed on prices.
However, there are still many areas suffering from excess dryness in Western Canada, which was bullish for values.
The canola supply is tight and some rationing has already begun.
About 6,500 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
