By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 1 (MarketsFarm) – The ICE Futures canola market was trading to both sides of unchanged at midday Friday, as conflicting outside influences pulled on the market ahead of the weekend.
Losses in Chicago Board of Trade soybeans and soyoil put some pressure on values.
Large supplies in the commercial pipeline also weighed on values, with the latest Canadian Grain Commission report showing visible stocks of 1.176 million tonnes.
However, a sharp decline in the Canadian dollar kept canola well supported, as the currency lost roughly three-quarters of a cent relative to its United States counterpart. The weaker Canadian dollar underpins crush margins and keeps exports attractive for international buyers.
Weekly Canadian canola exports of 283,700 tonnes were well above the 166,100 tonnes shipped the previous week.
About 7,200 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola Jul 465.40 unchanged
Nov 472.80 dn 0.30
Jan 478.10 unchanged
Mar 484.30 unchanged
