ICE canola rises as Canadian dollar falls

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, Sep. 4 (CNS Canada) – ICE Futures canola contracts were stronger at midday Tuesday, as weakness in the Canadian dollar and gains in the Chicago Board of Trade soy complex provided support.

The Canadian currency was down sharply relative to its United States counterpart, which helped crush margins improve and brought domestic processors in on the buy side, according to a broker.

Cool and wet conditions in parts of Western Canada were also supportive, as the weather caused harvest delays and may have damaged some fields.

However, expectations that Statistics Canada will confirm large old crop supplies in a stocks report due out Sep. 6 put some pressure on values.

Chart resistance was also holding to the upside as canola nears the 50-day moving average.

About 8,400 canola contracts traded as of 10:40 CDT.

Futures Prices as of September 4, 2018

Canola
2018-09-04 10:50
Price Change
Nov 498.2 2.60
Jan 505.2 2.70
Mar 510 3.20
May 512.4 2.90
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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