By Dave Sims, Commodity News Service Canada
WINNIPEG, March 6 – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CST Friday, held firm by the Canadian dollar which was weaker against its American counterpart. The lower dollar makes Canadian canola more attractive to crushers and exporters.
One trader said he didn’t know how long the Canadian currency would continue to support canola.
“(I’m) not sure how much long-term help that is going to give it (canola) with the US market still getting lower, but
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However, US soybeans, soyoil and Malaysian palm oil were lower which pressured canola prices.
Commercials would likely be bargain-hunting at the close today when some traders would be looking to give up their positions before the weekend, said an analyst.
Spring road bans throughout the Prairies will likely keep some producers from making deliveries.
Around 6,000 contracts had traded as of 10:40 CST, Friday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
