By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 6 – Canola contracts on the ICE Futures Canada platform were up at midday Friday, seeing a continuation of the back-and-forth choppy activity of the past week.
Weakness in the Canadian dollar was a supportive influence, helping the canola market turn higher despite a somewhat softer tone in the CBOT soy complex, according to a trader.
Weekly crush data from the Canadian Oilseed Producers Association (COPA) showed an improvement in the domestic crush pace, which contributed to the strength in canola, added the trader.
However, volumes were on the light side, with many participants now on the sidelines after rolling their positions out of the November contract before its expiry.
A lack of significant farmer selling was said to be somewhat supportive, but exporter pricing on the other side was also lackluster after end users had covered some fresh business earlier in the week.
About 5,000 canola contracts had traded as of 10:48 CST.
Milling wheat, durum, and barley futures were all untraded, although there were some bids and offers in barley.
