By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 21 (CNS Canada) – ICE Futures Canada canola contracts were holding onto small gains at midday Thursday, with weakness in the Canadian dollar behind some of the strength.
The currency was down by roughly half a cent relative to its US counterpart, which helps underpin crush margins and makes exports more attractive to international buyers.
Recent cool and wet harvest-delaying weather in parts of Western Canada were also supportive, although the forecasts are turning a bit more favourable over the next week.
“We’re just biding our time,” said a trader on the back-and-forth rangebound activity in canola.
Chicago Board of Trade soybeans and soyoil were down at midday, which put some pressure on canola. Steady farmer deliveries into the commercial pipeline also limited the upside.
About 8,000 canola contracts had traded as of 10:47 CDT.
