By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 24 – Canola contracts on the ICE Futures Canada platform were stronger at midday Thursday, boosted by good export demand, a weaker Canadian dollar, and advances in CBOT soyoil.
“Canola is holding together really well,” said a broker who added that some of the buying interest was likely tied to fresh export business.
He said the weaker Canadian dollar was another supportive influence, as the currency traded at its lowest levels in eleven years relative to its US counterpart.
A lack of significant harvest pressure contributed to the advances, as any hedges are being absorbed for the time being.
However, with the canola harvest close to half done the upside was limited, especially as yields continue to beat expectations in many cases, according to participants.
About 13,500 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley were all untraded.
