By Dave Sims, Commodity News Service Canada
WINNIPEG, December 1 – Canola contracts on the ICE Futures Canada platform were weaker on Friday, weighed down by strength in the Canadian currency.
The Canadian dollar was over three-quarters of a cent stronger relative to its U.S. counterpart, which made canola less appealing on the international market.
The technical bias is pointed lower.
Yesterday’s announcement by the U.S. Environmental Protection Agency that it was keeping its renewable fuel requirements mostly unchanged continued to cash a bearish tint over the oilseed market.
However, gains in the U.S. soy complex limited the losses.
Traders were positioning themselves ahead of next week’s production estimates from Statistics Canada.
Prices in Canadian dollars per metric ton at 8:55 CST:
