By Dave Sims, Commodity News Service Canada
WINNIPEG, February 8 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:25 CST on Thursday, taking strength from action in the Canadian currency.
The Canadian dollar was lower relative to its U.S. counterpart, which made canola more attractive to foreign buyers.
Crush margins have been rising in recent days and slow farmer selling lent support to values.
Slight gains in the U.S. soy complex helped prop up canola.
However, traders were taking positions ahead of today’s USDA supply/demand report, which is due to be released at 11:00 CST.
Large stockpiles of canola undermined prices as no one expects Canada to run out of supplies before the next harvest.
About 8,000 canola contracts had traded as of 10:25 CST.
Prices in Canadian dollars per metric ton at 10:25 CST: