By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 6 (CNS Canada) – ICE Futures canola contracts were stronger Wednesday morning, seeing a modest correction after Tuesday’s declines.
Early weakness in the Canadian dollar accounted for some of the buying interest in canola as the currency dipped below 76 U.S. cents and helped crush margins improve.
Chicago Board of Trade soyoil futures were also firm in early activity.
However, the large stocks reported by Statistics Canada on Tuesday remained a bearish influence in the background. Losses in the CBOT soybeans also weighed on values.
About 3,500 canola contracts had traded as of 8:53 CST.
Prices in Canadian dollars per metric ton at 8:53 CST:
Canola Mar 484.70 up 2.10
May 492.30 up 1.80
Jul 499.10 up 1.50
Nov 497.00 up 2.10