By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 11 (MarketsFarm) – The ICE Futures canola market was stronger on Thursday, with weakness in the Canadian dollar behind most of the buying interest.
The currency was down by roughly three-quarters of a cent relative to its United States counterpart, which boosts crush margins and makes canola more attractive to international buyers.
Speculative short-covering and underlying weather concerns in parts of the Prairies also provided support, according to traders.
However, losses in Chicago Board of Trade soyoil put some pressure on values, tempering the upside.
The U.S Department of Agriculture releases its monthly supply/demand report at 11:00 CDT, and any surprises in the data could swing the markets before the close.
About 14,200 canola contracts traded as of 10:15 CDT.
Prices in Canadian dollars per metric tonne at 10:15 CDT:
Price Change
Canola Jul 469.00 up 1.20
Nov 471.50 up 0.30
Jan 478.10 up 0.60
Mar 483.40 up 0.60
