By Dave Sims, Commodity News Service Canada
WINNIPEG, April 10 – ICE Canada canola contracts were higher Friday morning, enjoying spillover support from the US soy complex.
The Canadian dollar was weaker compared to its US counterpart which made canola more attractive to buyers on the international market.
Follow-through buying after Thursday’s late recovery contributed to the firmer tone, said a trader.
Dry conditions across parts of Western Canada have helped put a weather premium into the market, according to reports.
However, the large harvest underway in South America was bearish for values while US soy acreage is expected to be record large.
The longer-term technical bias is to the downside, according to a report.
Malaysian palm oil was slightly weaker which limited the gains.
About 2,400 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
