By Jade Markus, Commodity News Service Canada
WINNIPEG, August 19 – ICE Canada canola contracts were stronger at midday on Friday, as losses in the Canadian dollar underpinned values.
The loonie lost ground against its US counterpart, tracking crude oil futures, which is bullish for canola as it makes the commodity more appealing to international buyers.
Parts of the Prairies are expected to see cooler temperatures over the weekend, which buoyed prices.
“We’re not super concerned, but we don’t like to see that when there’s still a lot of crop out there,” said one Winnipeg-based analyst.
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Overnight advances in the Malaysian palm oil market further propped up prices.
Harvest pressure is keeping a lid on gains, as progress moves up from the south, the trader said.
“It continues to slowly work from the US border up, obviously not a lot yet, but we’re just starting to hear a couple fields coming off here in Manitoba,” he said.
Weakness in the US soy complex further limited advances.
Chicago Board of Trade soybeans, soymeal and soy oil declined with favourable weather in key US growing regions.
About 8,262 contracts had traded as of 10:34 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
