By Brandon Logan, Commodity News Service Canada
WINNIPEG, Feb. 7 – Canola contracts on the ICE Futures
Canada platform were weaker at 10:37 CST Friday, undermined by
profit taking, participants said.
Some of canola’s weakness came from large gains seen in the
value of the Canadian dollar, as a better-than-expected jobs
report gave the loonie a half a cent boost.
Continue logistical concerns moving the record large
Canadian canola crop out of the Prairies also weighed on values,
traders said.
Slight losses seen in CBOT soymeal were also bearish, as
were expectations of a record large Brazilian soybean crop.
However, ideas that canola is oversold and cheap in
comparison to other oilseed markets limited any further losses.
Gains seen in the CBOT soymeal and soyoil were also
supportive, as were easing concerns about Chinese cancellations
of US soybeans, brokers said.
About 14,000 canola contracts had traded as of 10:37 CST.
Milling wheat, durum, and barley futures were all untraded
and unchanged after seeing some price revisions following
Thursday’s close.
Prices in Canadian dollars per metric ton at 10:37 CST:
