By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 18 (MarketsFarm) – The ICE Futures canola market was stronger at midday Wednesday, with sharp weakness in the Canadian dollar behind much of the gains.
The currency was down by about 1.5 cents relative to its United States counterpart, moving below 69 U.S. cents. The declining currency helps underpin crush margins and makes canola more attractive to international buyers.
However, most of the activity was linked to speculators squaring positions and moving to the sidelines amid the uncertainty of the global COVID-19 pandemic, with no fresh business taking place in the current environment.
Chicago Board of Trade soybeans were higher at midday, providing some support for canola. However, soyoil was lower.
About 12,600 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Price Change
Canola May 457.90 up 4.60
Jul 465.60 up 4.70
Nov 475.20 up 5.20
Jan 483.10 up 5.70
