By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 15 (CNS Canada) – ICE Futures Canada canola contracts were mostly stronger at midday Friday, as weakness in the Canadian dollar helped counter the bearish influence of declines in Chicago Board of Trade soybeans.
The currency was down by roughly half a cent relative to its United States counterpart, which was helping crush margins show some improvement.
Supportive technical signals contributed to the gains, according to participants.
However, mounting trade tensions between the U.S. and China, following the U.S. imposition of tariffs on US$50 billion worth of Chinese goods, weighed on CBOT soybeans and soyoil.
Rainfall across parts of the Prairies overnight was generally beneficial for crop development, although the hail and heavy winds that hit some areas likely caused damage.
About 8,500 canola contracts had traded as of 10:50 CDT.
