By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 20 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, as crush margins showed some improvement.
The Canadian dollar was down sharply relative to its U.S. counterpart, while Chicago Board of Trade soyoil moved higher. That combination gave crush margins a boost, helping canola move higher, according to a trader.
Supportive chart signals contributed to the gains, as the futures found some follow-through buying interest after breaking above nearby resistance on Thursday.
On the other side, losses in CBOT soybeans put some spillover pressure on canola. Ideas that farmers should be able to make some progress bringing in the last of this year’s canola crop over the weekend also helped temper the advances.
About 35,000 canola contracts had traded as of 10:58 CDT, with the November/January spread a feature as traders continue to roll out of the front month.
Milling wheat, durum, and barley futures were all untraded and unchanged.
