By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 18 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Wednesday, as weakness in the Canadian dollar provided support.
The currency was down by roughly half a cent relative to its United States counterpart at midday, making canola more attractive to international buyers. A firmer tone in Chicago Board of Trade soyoil futures was also supportive for crush margins.
Concerns over a late start to spring seeding in Western Canada were also supportive, although most traders still expect to see record-large canola acres this year.
Losses in CBOT soybeans also put some pressure on values.
About 21,500 canola contracts had traded as of 10:59 CDT, with intermonth spreading a feature as fund traders rolled their positions out of the May contract and into July.
