By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 6 (CNS Canada) – ICE Futures canola contracts were stronger at midday Wednesday, hitting their best levels in a week.
Gains in Chicago Board of Trade soyoil and weakness in the Canadian dollar contributed to the firmer tone in canola, as that combination helped crush margins improve.
However, the large stocks reported by Statistics Canada on Tuesday remained a bearish influence in the background.
Trade was cautious ahead of a number of key reports due out from the United States Department of Agriculture on Friday.
About 10,500 canola contracts traded as of 10:44 CST, with intermonth spreading a feature.
Prices in Canadian dollars per metric tonne at 10:44 CST:
Canola Mar 484.70 up 2.10
May 492.60 up 2.10
Jul 500.10 up 2.50
Nov 496.70 up 1.80