By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 8 – Canola contracts on the ICE Futures Canada platform were firmer at 10:34 CDT Friday, lifted by the sharply lower Canadian dollar, which dropped about half a cent relative to the US currency. Disappointing Canadian employment data was behind the Canadian dollar’s sharp drop.
Some spillover support also came from the gains seen in Chicago soymeal values and nearby Chicago soybean futures, analysts said.
Slow farmer selling, a lack of aggressive speculative fund selling and the evening of positions ahead of the weekend and Tuesday’s USDA report further underpinned prices.
Steady commercial and export demand kept a firm floor under the market.
However, spillover pressure from the losses seen in Chicago soyoil futures and good weather for North American oilseed crops were bearish.
As of 10:34 CDT Friday, about 3,350 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:34 CDT:
