By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 10 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, with strength in the Canadian dollar accounting for some of the activity.
The currency was up by nearly half-a-cent relative to its United States counterpart, which cuts into crush margins and makes exports less attractive to international buyers.
Overnight losses in Malaysian palm oil also weighed on values.
However, Chicago soyoil and European rapeseed futures were both mostly higher.
Canada exported 210,500 tonnes of canola during the week ended Feb. 5, taking the year-to-date total to 4.5 million tonnes. That compares with only 3.5 million at the same point the previous crop year.
About 7,500 canola contracts had traded as of 8:44 CST.
Prices in Canadian dollars per metric ton at 8:44 CST:
Canola Mar 824.90 dn 2.80
May 819.10 dn 4.10
Jul 817.60 dn 4.30
Nov 797.70 dn 5.00
