By Dave Sims, Commodity News Service Canada
WINNIPEG, September 1 (CNS) – Canola contracts on the ICE Futures Canada platform were weaker at 10:40 CDT on Friday, weighed down by fund selling and action in the Canadian currency.
The Canadian dollar was over half a cent stronger, relative to its US counterpart, which made canola less attractive to foreign buyers.
The market may also be feeling some slight pressure from yesterday’s Statistics Canada report, which raised the amount of canola produced last year by 1.2 million tonnes.
The technical bias is pointed lower and canola could be ready to grind downward in the coming days, according to a trader in Winnipeg.
However, gains in the US soy complex limited the losses.
Traders were positioning themselves before the long weekend. Markets in Canada and the US will be closed on Monday for Labour Day.
About 5,200 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
