By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 14 (CNS Canada) – ICE Futures canola contracts were stronger at midday Tuesday, taking some direction from Chicago Board of Trade soybeans and soymeal.
Soymeal was the driver in the United States market, as Argentina announced it was suspending a program of cutting export taxes. That was bullish for North American oilseed prices, as it should slow exports out of the South American country.
While temperatures were cooler on Tuesday, the recent heat across the Prairies also provided underlying support for canola as traders try to get a better handle on the extent of the yield reductions and damage caused by the adverse weather.
The Canadian dollar was firmer at midday, putting some pressure on canola. Losses in CBOT soyoil also weighed on values.
About 6,500 canola contracts had traded as of 11:01 CDT.
