By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 24 (CNS Canada) – ICE Futures Canada canola contracts were weaker Wednesday morning, as sharp gains in the Canadian dollar weighed on the market.
The currency jumped above 81 U.S. cents Wednesday morning, which makes exports more expensive for international buyers and cuts into domestic crush margins.
Ample nearby supplies and mounting expectations for an increase in Canadian canola acres this spring also weighed on values.
Solid end-user demand on the other side provided some underlying support. A firmer tone in Chicago Board of Trade soyoil also helped temper the declines.
About 5,300 canola contracts had traded as of 8:46 CST.
