By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker at midday Thursday, with the bearish influence of a stronger Canadian dollar more than countering the spillover support from outside markets.
The Canadian dollar was up by more than half-a-cent relative to its United States counterpart, trading at its strongest level in three months. A stronger currency cuts into crush margins while making exports less attractive to international buyers.
The nearby technical trends remain pointed lower for canola as well, with little fresh fundamental news to provide support.
However, gains in Chicago soyoil and Malaysian palm oil helped temper the declines in canola as a rally in crude oil underpinned world vegetable oil markets.
An estimated 28,400 canola contracts traded as of 10:32 CST.
Prices in Canadian dollars per metric tonne at 10:32 CST:
Canola Jan 657.10 dn 3.20
Mar 667.10 dn 1.20
May 674.30 dn 0.80
Jul 679.80 dn 0.90
