Dropping dollar pushing ICE canola higher

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Dec. 10, 2018 (CNS Canada) – ICE Futures canola contracts are stronger at midday Monday, supported by a plunge in the value of the Canadian dollar.
The Canadian dollar has dropped below the 75 U.S. cent mark as tensions continue to increase over the arrest of Huawei Chief Financial Officer Meng Wanzhou last week. China has warned Canada it could face severe consequences for the arrest.
Canola contracts are finding support from tightening spreads as participants are starting to roll their January positions forward into March.
The combination of these two things is allowing canola to stay in the green even as Chicago Board of Trade soybean and meal contracts are weaker.
About 16,100 canola contracts had traded as of 10:23 CST.

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