By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 12 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, as speculators moved back to the buy side after booking profits earlier in the week.
Gains in Chicago Board of Trade soyoil and losses in the Canadian dollar contributed to the firmer tone in canola, according to a broker, as crush margins saw some improvement.
Ongoing production uncertainty in Western Canada contributed to the gains, as showers in Alberta delay seeding progress and unharvested fields from last year still need to be dealt with in many areas.
However, CBOT soybeans were down at midday, which put some pressure on values. The nearby technical signals are also pointed lower.
About 4,000 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
