By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 1 – The ICE Futures Canada canola market was slightly higher amid very quiet, choppy activity Friday morning, as only the July and November 2015 contracts were trading.
The downswing in the value of the Canadian dollar underpinned prices, as it made canola more attractive to international buyers.
Some spillover support also came from the gains seen in Malaysian palm oil futures.
Continued slow farmer selling in Western Canada and the need to keep weather premiums built into new crop prices were also bullish.
However, some spillover pressure came from the declines seen in the Chicago soy complex, analysts said.
The large global oilseed supply situation was also overhanging values.
As of 8:45 CDT Friday, about 750 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
