By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 18 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, taking some direction from the Chicago Board of Trade soy complex.
Weakness in the Canadian dollar added to the firmer tone, as the currency dipped back below 78 U.S. cents.
News that trade tensions between the United States and China were easing somewhat, as China announced it was dropping an anti-dumping probe into sorghum, gave the grains and oilseeds in Chicago a boost.
Some areas of Western Canada were receiving much needed rain on Friday, putting some pressure on canola values. However, more moisture will be needed in many locations.
Canadian markets will be closed Monday, May 21, for Victoria Day, while U.S. markets will remain open. Positioning ahead of the long weekend accounted for some of the activity.
About 7,800 canola contracts had traded as of 10:58 CDT.
