By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 23 (CNS Canada) – ICE Futures Canada canola contracts were stronger Monday morning, as weakness in the Canadian dollar remained supportive.
After dropping sharply relative to its U.S. counterpart on Friday, the Canadian dollar remained under pressure Monday morning. Soyoil futures at the Chicago Board of Trade were also firmer in early activity, and that combination of a weaker currency and rising soyoil helped canola crush margins improve.
A lack of significant farmer hedge selling was also supportive for canola, as harvest operations are finished across most of Western Canada.
However, losses in CBOT soybeans helped temper the upside in canola. The advancing U.S. harvest and improving moisture conditions in South America also weighed on values.
About 7,000 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
