By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 26 (CNS Canada) – ICE Futures canola contracts were firmer at midday Friday, as gains in Chicago Board of Trade soybeans and weakness in the Canadian dollar underpinned the market.
The Canadian dollar was down by roughly half a cent relative to its United States counterpart, which should give crush margins a boost.
After hitting their lowest levels of the past year on Thursday, canola futures found chart support and the resulting speculative buying interest remained supportive on Friday.
Uncertainty over the size of the Canadian crop kept some caution in the market, as good weather over the past week has allowed the harvest to advance in Alberta and Saskatchewan.
About 16,000 canola contracts traded as of 10:54 CDT.
