By Dave Sims, Commodity News Service Canada
WINNIPEG, January 20 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CST on Friday, taking support from speculative buying and some short liquidation.
The Canadian dollar was slightly lower relative to its US counterpart, which made canola more attractive to foreign buyers.
The technical bias is pointing higher.
European rapeseed futures notched new contract highs overnight, which was supportive for canola.
However, losses in the US soy complex weighed on values.
The weather is turning drier in Argentina, which should give growers the chance to plant the rest of the crop.
About 17,000 canola contracts had traded as of 10:40 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CST:
