By Dave Sims, Commodity News Service Canada
WINNIPEG, March 3 – Canola contracts on the ICE Futures Canada platform were mixed at 10:50 CST on Friday, with the most-active May contract propped up by action in the Canadian currency while losses in vegetable oil pressured some of the more-deferred values.
“We still have a negative bias coming out of the soybean complex,” said a trader in Winnipeg.
He added crush margins were still somewhat off their recent highs.
The massive soybean crop in South America was bearish for canola.
Read Also
Canadian Financial Close: Loonie, crude oil advance
The Canadian dollar reached its highest close in nine days on Wednesday, aided by higher crude oil prices. The loonie…
Traders were positioning themselves before the weekend.
However, losses in the Canadian dollar, relative to its US counterpart, were supportive for the market as it made canola more enticing to international customers.
Farmer selling, which had been rampant during this week’s early bounce, has slowed down considerably, the trader said.
He added a lot of export business was happening in the November contract too.
Muddy roads in Brazil have caused delays in getting soybeans to port.
About 6,300 canola contracts had traded as of 10:50 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:50 CST:
