By Dave Sims, Commodity News Service Canada
WINNIPEG, November 25 – Canola contracts on the ICE Futures Canada platform were higher Friday morning, while CBOT soyoil was down slightly it posted large gains Wednesday which continued to provide support for canola.
US markets will be closing early today following Thanksgiving while Canadian markets remain open for regular hours.
Large crush margins encouraged processor buying. Canola was looking cheap compared to other oilseeds.
Advances in Malaysian palm oil were supportive for the canola market.
However, canola still appears vulnerable to profit-taking.
There is a great deal of uncertainty over how much canola remains in Canadian fields.
The potential for large soybean supplies in South America was bearish.
About 7,600 canola contracts had traded as of 9:05 CST.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:05 CST:
