By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 23 (CNS Canada) – ICE Futures Canada canola contracts were posting small gains at midday Friday, as the market corrected off of nearby lows ahead of the weekend.
The most active November contract is trading right above major support, around C$472 per tonne, which kept it underpinned on Friday.
A weaker tone in the Canadian dollar, tightening old crop supplies, and advances in Chicago Board of Trade soyoil contributed to the strength in canola, according to participants.
However, soybeans were down in Chicago, which put some pressure on values.
Improving Canadian crop conditions, a lack of significant export demand, and relatively large farmer deliveries for this time of year also served to temper the upside, according to traders.
About 11,500 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
