By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 19 (CNS Canada) – ICE Futures canola contracts were stronger Thursday morning, as weakness in the Canadian dollar provided support.
The currency was down by half a cent relative to its United States counterpart, which boosts crush margins and makes exports more attractive to international buyers.
Dryness concerns in parts of Western Canada added to the firmer tone, with hot temperatures cutting into yield prospects as the canola crop goes through the pod filling stage.
However, losses in Chicago Board of Trade soybeans and soyoil put some spillover pressure on canola, tempering the advances.
About 3,500 canola contracts had traded as of 8:55 CDT.
