ICE Canola Starts Weaker with Strong Canadian Dollar
| Winnipeg – July 15 – Canola contracts on the ICE Canada platform were lower at 08:30 CDT Friday in choppy trade, as a stronger Canadian dollar was putting a lid on the market, analysts said. Canada’s currency was about three-tenths of a cent stronger against its US counterpart.
Profit taking was another popular feature of the trade, with many traders closing out positions ahead of the weekend, brokers said. Market watchers said prices are approaching nearby resistance levels, which was likely to limit any upside in the market throughout session. The export speculation that was in the market earlier in the week was thought to have concluded, experts said. Declines were tempered by overnight advances in outside oilseed markets, including European rapeseed, and the e-CBOT soy complex, although Malaysian palmoil closed lower, analysts said. Worries about the status of the North American crop provided underlying support to values, market watchers said. At 08:30 CDT, there had been about 950 canola contracts traded. Western barley futures were unchanged and untraded early Friday. Prices in Canadian dollars per metric ton at 8:30 CDT: |
| Price | Change | ||
| Canola | |||
| Nov | 575.30 | dn 1.50 | |
| Jan | 583.40 | dn 1.40 | |
| Mar | 588.90 | dn 1.60 | |
| Western Barley | |||
| Oct | 205.00 | unchanged | |
| Dec | 205.00 | unchanged | |
