By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 19 (CNS Canada) – ICE Canada canola contracts were stronger Friday morning, as activity in the currency markets provided some support.
The Canadian dollar was down by about half a cent relative to its US counterpart in early activity, taking back some of its recent gains. The softer currency is beneficial for crush margins and also makes exports more attractive to international buyers.
Speculative buying contributed to the advances in canola, as canola was said to be due for a correction ahead of the weekend.
On the other side, losses in CBOT soybeans and soyoil did put some pressure on canola. The overall technical bias also remains pointed down, making any advances a selling opportunity from a chart standpoint.
About 10,000 canola contracts had traded as of 8:59 CST.
Milling wheat, durum, and barley futures were all untraded.
