By Jade Markus, Commodity News Service Canada
WINNIPEG, October 7 – ICE Canada canola contracts were stronger at midday on Friday, propped up by losses in the Canadian dollar.
The loonie lost ground against its US counterpart, which is bullish for canola as it makes the commodity more appealing to international buyers.
“Weather is still probably underpinning it a little bit. Obviously there’s some concern,” said one Winnipeg-based trader.
He added that snow and rain in parts of Western Canada could hurt yield potential, but for the most part, crops should emerge unscathed.
Spillover losses from the Chicago Board of Trade soy oil market limited the upside on Friday.
“It’s really just stuck in a range it can’t seem to break out of,” the trader said.
About 8,902 contracts had traded as of 10:26 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
