By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 16 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Monday, as weakness in the Canadian dollar and persistent harvest delays in parts of the Prairies provided support.
The Canadian currency was down sharply relative to its U.S. counterpart, which was beneficial for canola crush margins.
Concerns over unharvested canola crops in parts of Alberta and Saskatchewan were also supportive, with the latest provincial crop reports showing more still in the fields than traders had expected, according to a broker.
Fund traders were also on the buy side, covering their diminishing short positions.
However, ample nearby supplies in the commercial pipeline kept a lid on the upside. Losses in Chicago Board of Trade soybeans also put some spillover pressure on values.
About 16,500 canola contracts had traded as of 10:48 CDT, with the November/January spread a feature as participants continue to roll out of the front month.
Milling wheat, durum, and barley futures were all untraded and unchanged.
