By Dave Sims, Commodity News Service Canada
WINNIPEG, July 28 – Canola contracts on the ICE Futures Canada platform were mostly lower Friday morning, weighed down by action in the Canadian currency.
The Canadian dollar was about half a cent stronger, compared to its US counterpart, which made canola less attractive to domestic crushers and out-of-country buyers.
Losses in the US soy complex and Malaysian palm oil were bearish for canola.
Rains are forecast for the US Plains which should help soybeans recover from the heat stress they have been under.
However, north of the border, hot and dry conditions are forecast for the Prairies over the next week or two, lending strength to the more deferred values.
The technical bias is pointed higher.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:55 CDT:
