By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 2 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, as sharp weakness in the Canadian dollar provided support.
The currency was down by nearly a cent relative to its U.S. counterpart, making exports less attractive to international buyers and cutting into crush margins.
Positioning ahead of Monday’s Statistics Canada stocks report contributed to the softer tone. In addition to showing grain and oilseed stocks in the country as of December 31, market participants will also be watching to see if the government agency tweaks any other numbers, said a trader.
Losses in Chicago Board of Trade soybeans and soyoil put some pressure on canola, tempering the upside.
About 9,500 canola contracts had traded as of 10:43 CST.
Prices in Canadian dollars per metric tonne at 10:43 CST:
