By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, MB, Dec. 15, 2017 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, finding support from position-evening ahead of the weekend.
Gains in Chicago Board of Trade soyoil and overnight advances in Malaysian palm oil lent spillover support to canola, according to a broker. Weakness in the Canadian dollar, which dipped back below 78 U.S. cents, added to the firmer tone as crush margins improved to their best levels in months.
However, a lack of significant export demand limited the bounce, said the broker, adding that canola likely had to move lower still in order bring in some fresh buying interest from China.
About 19,500 canola contracts had traded as of 10:52 CST.
