By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 4 – Canola contracts on the ICE Futures Canada platform were lower at 10:49 CDT Friday, as spillover pressure from the weakness seen in Chicago soybean futures weighed on prices, analysts said.
The upswing in the value of the Canadian dollar, which broke above 91 cents US on Friday, was also bearish. The stronger Canadian currency made crush margins less attractive.
A recent pickup in farmer selling ahead of spring planting added to the downward pressure, as did profit taking ahead of the weekend.
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The large Canadian canola supply situation and expectations that Canadian farmers will plant more canola this spring than last year undermined the futures as well.
However, steady commercial demand, as logistics show signs of improving in Western Canada, helped to limit the losses.
Some spillover support also came from the advances seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures.
As of 10:49 CDT Friday, about 8,400 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 10:49 CDT:
