By Dave Sims, Commodity News Service Canada
WINNIPEG, January 24 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CST on Wednesday, weighed down by action in the Canadian currency.
The Canadian dollar was roughly half a cent higher compared to its U.S. counterpart, which made canola less attractive to domestic crushers and foreign buyers.
Canola is considered very expensive relative to other oilseeds, according to a Winnipeg-based trader.
“The currency action right now is definitely a big factor,” he said.
However, gains in U.S. soybeans and soyoil were supportive for the market.
Slow farmer selling underpinned prices.
About 10,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
