By Dave Sims, Commodity News Service Canada
WINNIPEG, August 29 – Canola contracts on the ICE Futures Canada platform were higher Friday morning as spillover buying from soybeans and soymeal supported values.
The technical bias has shifted to the upside, said an analyst who noted traders are squaring positions before the long weekend.
Commercial demand has been steady and there are ideas the market is due for a corrective bounce, investors said.
However, losses in CBOT soyoil and Malaysian palm oil helped limit the gains.
The Canadian dollar was higher against its US counterpart which was bearish, as were expectations of a large US soybean harvest.
About 1,100 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
