By Terryn Shiells, Commodity News Service Canada
August 23, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger Friday morning, lifted by the sharp downswing in the value of the Canadian dollar, analysts said.
The Canadian dollar fell below the 95 cents US mark Friday morning, which sparked buying interest from crushers and exporters.
Canola futures also found some spillover support from the advances seen in the Chicago soybean complex, Malaysian palm oil and European rapeseed futures.
Worries about dry weather causing damage to US soybean crops next week provided underlying support for both soybeans and canola.
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The need to keep a weather premium built into prices due to continued concerns about early frost damage added to the bullish tone.
However, forecasts calling for warmer weather in Western Canada, along with expectations that the Canadian canola crop could be record large this year, limited the advances.
As of 8:36 CDT, about 2,960 canola contracts had traded.
Barley futures were untraded and unchanged. Milling wheat and durum futures were also untraded and unchanged following some price revisions by the Exchange after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:36 CDT:
