By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 16 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Friday, as traders adjusted positions ahead of the weekend in quiet trade.
“We’re getting a little bit of profit-taking and position-squaring ahead of the weekend,” said a Winnipeg-based trader noting that “risk-off” sentiment was behind much of the light activity.
Gains in the Chicago Board of Trade soy complex also provided some support.
While production uncertainty across the Prairies kept some weather premiums in the market, the looming harvest tempered the upside.
The Canadian dollar was slightly firmer at midday.
About 3,900 canola contracts traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Canola Nov 452.90 up 1.70
Jan 460.40 up 1.50
Mar 466.10 up 0.60
May 471.30 up 0.10