By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 7 (CNS Canada) – ICE Futures canola contracts were mixed at midday Monday, with losses in the most active front months and a firmer tone in the more deferred positions.
Strength in the Canadian dollar put some pressure on the canola market. The currency has rallied sharply relative to its United States counterpart during the first week of 2019, and remained pointed higher on Monday.
“The (Canadian) dollar continues to keep a lid on canola,” said a broker.
He added that spreading between canola and Chicago Board of Trade soybeans was likely putting some additional pressure on the Canadian oilseed, as traders buy soy and sell canola.
While soybeans were firmer, soyoil futures held closer to unchanged in Chicago.
About 6,500 canola contracts traded as of 10:42 CST.
