By Dave Sims, Commodity News Service Canada
WINNIPEG, June 26 – ICE Canada canola contracts were mostly higher Friday morning, in sympathy with the US soy complex.
The Canadian dollar was weaker relative to its US counterpart which made canola more attractive to international buyers.
Dry conditions across much of Western Canada continue to raise concerns about possible yield loss.
European rapeseed futures were higher which contributed to the gains.
Traders were positioning themselves ahead of the release of Tuesday’s Statistics Canada acreage and USDA acreage and stocks reports.
However, canola could be vulnerable to profit-taking after two weeks of upward movement, according to an analyst.
Malaysian palm oil was lower which put pressure on values.
About 8,300 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
