By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 22 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Thursday, as strength in the Canadian dollar and losses in Chicago Board of Trade soybeans weighed on values.
The Canadian currency was up by two-thirds of a cent relative to its US counterpart, which cuts into crush margins and makes exports less attractive to international buyers.
Relatively favourable crop conditions across the Midwest weighed on US soybeans, which put spillover pressure on canola.
Canadian weather conditions also remain relatively favourable for the developing crops, although there are still enough areas of concern to provide some underlying support, according to participants.
Tight old crop supplies and ideas that canola is looking oversold at current levels also provided some support.
About 14,500 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
