By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 16 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, as continued weakness in the Canadian dollar provided support.
The currency fell to its weakest levels relative to its United States counterpart in nine months, which makes exports more attractive to international buyers and also underpins crush margins.
Thursday’s move higher was also supportive from a technical standpoint, keeping fund traders on the buy side heading into the weekend.
Gains in Chicago Board of Trade soybeans provided spillover support as well, although soyoil was a bit softer on the day.
Ample old crop canola supplies and expectations for large seeded acres this spring tempered the upside.
About 7,500 canola contracts had traded as of 10:53 CDT.
