By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 6 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, showing some independent strength compared to the flat Chicago Board of Trade soybean market.
Persistent concerns over cool and wet conditions in Alberta, where snow delayed harvest operations in some areas this week, accounted for some of the relative strength in canola, according to a broker.
Recent weakness in the Canadian dollar, which has dropped sharply relative to its U.S. counterpart this week, added to the firmer tone.
However, steady farmer deliveries kept a lid on the upside, as seasonal harvest pressure remained a bearish influence despite delays in some areas.
Canadian markets will be closed Monday for Thanksgiving, and positioning ahead of the long weekend was a feature.
About 11,500 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
