By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 13 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Wednesday, taking some direction from gains in the Chicago Board of Trade soy complex.
The Canadian dollar was also slightly softer on the day, which added to the strength in canola and helped crush margins improve by more than C$5 per tonne.
Concerns over excess dryness in the western Canadian Prairies and the possibility of excess moisture in the east helped keep some weather premiums in the futures as well, according to participants.
However, canola was lagging soybeans to the upside, with traders showing some reluctance to chase the US market given the generally bearish fundamentals underlying the oilseed markets, said a broker.
About 10,000 canola contracts had traded as of 10:37 CDT.
Milling wheat, durum, and barley futures were all untraded.
