By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 5 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Friday, as strength in the Canadian dollar weighed on values.
The currency was up sharply relative to its U.S. counterpart on Friday following some better-than-expected domestic jobs data. The stronger Canadian dollar will cut further into the already quiet export demand, according to a trader.
Ample supplies in the commercial pipeline also kept the market under pressure, with farmer deliveries expected to pick up as temperatures moderate across the Prairies.
However, advances in Chicago Board of Trade soybeans provided some spillover support for canola. Persistent South American weather concerns also helped underpin the market.
About 11,000 canola contracts had traded as of 10:54 CST.
