By Jade Markus, Commodity News Service Canada
WINNIPEG, May 12 – ICE Canada canola contracts were mixed, but mostly steady in early activity on Friday.
Tight supplies and a weather related premium supported the market.
On the downside, the Canadian dollar was stronger, which is bearish for canola, as it makes the commodity less appealing to international buyers.
Spill-over weakness from the Chicago Board of Trade soybean market furthered losses.
The expectation for a bigger Brazilian soy crop than previously projected pressured values in the US.
Improving weather in parts of the Prairies was also bearish, as it will help producers with seeding what is expected to be a record canola crop.
About 1,768 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
