By Dave Sims, Commodity News Service Canada
WINNIPEG, November 27 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CST Friday, correcting off of yesterday’s losses and tracking the Canadian currency.
The loonie was down a third of a cent relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Canola suffered sharp losses yesterday that were likely exaggerated by thin volumes as US markets were closed for American Thanksgiving.
“Things are staying steady on the export side, but I don’t think there’s a tonne of upside,” a trader said.
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Malaysian palm oil and CBOT soyoil were also higher while crop concerns in Brazil added to the gains.
However, CBOT soybeans and soymeal were lower which dragged on values.
Argentina’s new government is expected to eventually lower its export tax which weighed down prices.
The bias has tilted to the downside, according to a report.
Around 12,000 contracts had traded as of 10:40 CST,
Friday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
