By Dave Sims, Commodity News Service Canada
WINNIPEG, May 14 – ICE Canada canola contracts were lower Thursday morning, weighed down by advances in the Canadian dollar. The Canadian dollar was higher compared to its US counterpart which made canola less attractive to international buyers.
European rapeseed futures were lower which pressured prices.
Traders have begun to position themselves in advance of Monday’s Victoria Day holiday in Canada when Canadian markets will be closed.
North American planting conditions generally look favourable which was bearish for canola.
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However, spillover gains in Malaysian palm oil and the US soy complex limited the losses.
Farmers are reluctant sellers right now as they focus on field work and seeding.
Traders are keeping a weather premium in the market as they wait for more news on this year’s crop.
About 1,200 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Jul 454.00 dn 0.50
Nov 447.30 dn 0.20
Jan 448.70 dn 0.80
Milling Wheat Jul 201.00 unch
Oct 205.00 unch
Durum Jul 298.00 unch
Oct 298.00 unch
Barley Jul 197.00 unch
Oct 180.00 unch]