By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 19 (CNS Canada) – ICE Canada canola contracts were stronger on Friday, with weakness in the Canadian dollar behind some of the strength.
After rising above the 78 US cent mark on Thursday, the Canadian currency was down by nearly two-thirds of a cent relative to its US counterpart Friday morning. The softer currency helps underpin the already very wide crush margins and keeps canola looking attractively priced to export customers.
Ideas that adverse weather in recent weeks had cut into canola production were also supportive, with traders adjusting positions ahead of the August 23 Statistics Canada crop production report.
However, losses in the Chicago Board of Trade soy complex did put some pressure on canola.
About 2,700 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded.
