By Jade Markus, Commodity News Service Canada
WINNIPEG, December 15 – ICE Canada canola contracts were higher at midday on Thursday, buoyed by weakness in the Canadian dollar.
The loonie lost nearly one per cent by midday, pressured by the US Federal Reserve raising the country’s interest rates.
“Well, we’re getting some good support from this spanking in the Canadian dollar,” said one Winnipeg-based trader.
Advances in the US oilseed complex further underpinned the market.
Chicago Board of Trade soybeans, soy meal, and soy oil were stronger, as traders are waiting for forecasted rains in Argentina to appear before driving values lower.
The region has seen dry conditions as-of-late, but extended forecasts say showers are likely to materialize.
Overnight advances in the Malaysian palm oil market were also supportive to canola.
About 17,937 contracts had traded as of 10:30 CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:30 CST:
