By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 19 (CNS Canada) – ICE Futures canola contracts were stronger at midday Thursday, as hot Prairie weather and the weaker Canadian dollar provided support.
Conditions remain hot and dry in many key canola growing regions of Western Canada, helping keep some weather premiums in the market, according to a trader.
Weakness in the Canadian dollar, which was down by about half a cent relative to its United States counterpart, was also supportive. Ideas that canola was looking oversold from a chart standpoint added to the firmer tone.
However, losses in Chicago Board of Trade soybeans and soyoil put some pressure on values. Expectations for a large crop, despite any nearby weather concerns, also tempered the upside.
About 7,000 canola contracts had traded as of 10:49 CDT.
