|By Phil Franz-Warkentin, Commodity News Service Canada|
|Sept. 21, 2012|
|Winnipeg – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:53 CDT Friday, as the stronger Canadian dollar and early losses in CBOT soyoil weighed on prices.
The strong Canadian dollar makes canola priced in the currency less attractive to international buyers, and also cuts into domestic crush margins.
Bearish technical signals, as prices dipped below nearby support on Thursday, added to the softer tone in canola, according to participants.
Steady farmer deliveries into the cash pipeline were another bearish factor weighing on values, said traders.
However, CBOT soybeans were starting to see a recovery from earlier losses, and spillover from the gains in Chicago did help canola move off its lows as well.
Japanese pricing of old export business was another supportive price influence.
At 10:53 CDT, about 5,700 canola contracts had changed hands. Spreading was a feature, as fund traders were starting to roll their positions out of the nearby November contract.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:53 CDT:Price Change
Canola Nov 616.30 dn 1.10
Jan 620.30 dn 0.40
Mar 619.70 dn 0.30
Milling Wheat Oct 295.50 unch
Dec 301.30 unch
Durum Oct 310.10 unch
Dec 314.60 unch
Barley Oct 250.30 unch
Dec 255.30 unch
Futures Prices as of June 18, 2013
Prices are in Canadian dollars per metric ton