By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, May 23, 2018 (CNS Canada) – ICE Futures
Canada canola contracts were stronger at midday Wednesday,
taking support from a weaker Canadian dollar.
The Canadian dollar was down sharply over concerns about
North American Free Trade Agreement negotiations and the fact
that things aren’t moving forward.
The weaker dollar is helping crush margins, according to
Keith Ferley of RBC Dominion Securities in Winnipeg. This has
canola “popping” to the upside and the November contract has
been able to free itself from the trading range it has been in
for weeks now and is rallying, along with the July contract.
While the soybean complex is higher, with soyoil seeing a
rally, Ferley thinks the weaker dollar is the driving influence
on canola prices currently.
About 9,000 canola contracts had traded as of 10:24 CDT.
ICE canola up on weaker loonie
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