By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 15 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Tuesday, as weakness in the Canadian dollar provided support.
The currency was down by more than half a cent relative to its United States counterpart, which underpins crush margins and makes exports more attractive to international buyers.
Dryness concerns across much of the Prairies were also supportive, with many areas in need of moisture, according to a trader. A lack of significant farmer selling was also supportive, as producers are still busy with spring seeding.
On the other side, losses in Chicago Board of Trade soybeans put some pressure on values.
About 7,500 canola contracts had traded as of 10:35 CDT.
