By Jade Markus, Commodity News Service Canada
WINNIPEG, January 6 – ICE Canada canola contracts declined at midday on Friday, tracking losses in Chicago Board of Trade soybeans.
CBOT soybeans lost ground as weekly export sales reported by the United States Department of Agriculture reached a marketing year low, adding spillover pressure to canola.
“That market is convinced that the strong surge in bean buying that has been going on lately has started to fade,” said one Winnipeg-based trader.
Advances in the Canadian dollar against a bundle of other currencies also pressured canola.
“If the Canadian dollar would stop going up then canola could be stable, or it could even kick back up a little bit, if the Canadian dollar came down,” he added.
The loonie was gathering support from strong domestic data on Friday, shrugging off sluggish crude oil futures.
About 9,924 contracts had traded as of 10:37 CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:37 CST:
