By Terryn Shiells, Commodity News Service Canada
WINNIPEG, June 27 – Most canola contracts on the ICE Futures Canada platform were slightly softer at 10:40 CDT Friday, following the losses seen in the Chicago soy complex, analysts said.
The July contract was posting larger losses, seeing a downward correction after Thursday’s gains were said to be overdone.
Some of the weakness was also linked to the upswing in the value of the Canadian dollar and reports of good growing conditions for the US soybean crop.
Read Also
Canadian Financial Close: New highs for TSX, gold
The Canadian dollar was relatively steady on Wednesday. The loonie closed at US$0.7250 or US$1=C$1.3794, compared to US$0.7252 or US$1=C$1.3789…
However, worries about excess moisture causing problems for some western Canadian canola crops helped to provide some support for values.
Caution ahead of the weekend, as more rain is expected in Western Canada, and prior to Monday’s USDA stocks and acreage report, was also limiting the downside.
Statistics Canada released its latest acreage projections Friday morning, pegging canola area at 20.2 million acres, up from the March estimate of 19.8 million and last year’s 19.9 million. But, the report was said to be neutral for the market as further adjustments will need to be made to account for lost acres caused by excess moisture.
As of 10:40 CDT Friday, about 8,700 contracts had traded.
Milling wheat, barley and durum were untraded following slight price revisions after Thursday’s close.
Prices in Canadian dollars per metric ton at 10:40 CDT:
