By Dave Sims, Commodity News Service Canada
WINNIPEG, January 5 (CNS) – Canola contracts on the ICE Futures Canada platform were lower Friday morning, weighed down by action in the Canadian currency.
The Canadian dollar was sharply higher relative to its U.S. counterpart, which made canola less attractive to foreign buyers.
Funds are largely short in the market but there are ideas some traders took profits on long positions.
Losses in vegetable oil contributed to the downside.
However, gains in U.S. soybeans limited the losses.
Hot and dry weather is expected to arrive in Argentina soon, which was supportive for prices.
Prices in Canadian dollars per metric ton at 8:55 CST:
