By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Jan. 30 – Canola futures on the ICE Canada trading platform were slightly firmer at midsession Friday, finding support from the falling Canadian dollar.
The loonie was down more than half a cent against the US dollar, making canola more attractive to international buyers.
Further support for canola came from the gains seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures, analysts said.
Technical based buying and steady end user demand for Canadian canola also underpinned values.
However, spillover pressure from the declines seen in Chicago soybean futures limited the gains, as did ideas that Canadian canola supplies remain large.
Expectations of a record large South American soybean crop were also overhanging the oilseeds.
As of 10:39 CST Friday, about 10,250 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:39 CST:
