By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 11, 2013
Winnipeg – ICE Canada canola futures were weaker Friday morning, as losses in the CBOT soy complex and the firmer Canadian dollar weighed on prices.
The USDA releases its updated supply/demand report at 11:00 CST, and positioning ahead of the data was expected to keep activity somewhat cautious until the numbers are released. General expectations for upward revisions to US soybean production and ending stocks forecasts were keeping the early bias to the downside.
The stronger Canadian dollar, which was trading at its highest level relative to its US counterpart in three months, added to the softer tone in canola. The rising currency cuts into crush margins and makes exports less attractive.
However, concerns over tightening supplies in western Canada and the need to ration demand going forward did help limit the losses.
About 1,200 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:51 CST:
