By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 5 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Friday, finding support from advances in the Chicago Board of Trade soy complex and a weaker Canadian dollar.
The soy complex was boosted by fresh export demand and Midwestern weather uncertainty ahead of the weekend. Canadian crops are also facing uncertain production prospects, as traders are still trying to get a handle on the damage caused by excess moisture in some areas of the Prairies.
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The Canadian dollar was down sharply relative to its US counterpart, losing nearly a full cent, which contributed to the gains in canola.
However, canola drifted off of its session highs as the day progressed. Overnight losses in Malaysian palm oil and a relatively softer tone in CBOT soyoil put some pressure on canola. A lack of significant end user demand, given the looming harvest and expectations for a large crop, also kept the gains in check, according to participants.
About 11,000 canola contracts had traded as of 10:47 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.