By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 16 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, as traders were busy adjusting positions ahead of the long weekend.
ICE Futures Canada will be closed on Monday for Manitoba’s Louis Riel holiday, while United States markets will be closed for Presidents Day.
“Who knows where the market will be when we come back to our desks on Tuesday,” said a broker, noting that uncertain weather conditions in South America were likely behind some of Friday’s positioning.
While Chicago Board of Trade soybeans were under pressure on Friday, the U.S. market posted solid gains all week while canola lagged to the upside.
The Canadian dollar was weaker at midday, providing some underlying support for canola.
About 19,000 canola contracts had traded as of 10:55 CST.
