By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 13 (CNS Canada) – ICE Canada canola contracts were down Tuesday morning, as sharp gains in the Canadian dollar weighed on values.
The currency has advanced by more than a cent relative to its US counterpart over the past two days, which cuts into crush margins and makes canola less attractive to international buyers.
Forecasts calling for improving weather conditions in some areas of Western Canada added to the softer tone, according to participants.
However, there are still plenty of areas of concern across the Prairies, which tempered the downside.
Gains in Chicago Board of Trade soybeans, tight old crop supplies, and the need to ration some demand going forward provided underlying support as well.
About 5,000 canola contracts had traded as of 8:53 CDT, with intermonth spreading between the July and November futures a feature as participants exit the nearby contract.
Milling wheat, durum, and barley futures were all untraded.
