By Dave Sims, Commodity News Service Canada
WINNIPEG, May 19 – Canola contracts on the ICE Futures Canada platform were higher Friday morning, tracking gains in the US soy complex.
The technical bias has turned higher according to a trader.
Slow farmer selling and delays in canola planting were supportive for the market.
Farmers in Brazil are said to be holding back sales of soybeans right now, due to the slump in the country’s currency.
There are ideas yesterday’s losses were overdone.
However, there is some speculation more selling could occur as new crop canola contracts fell yesterday.
The Canadian dollar was stronger relative to its US counterpart, which made canola less enticing to international buyers.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:58 CDT: