By Dave Sims, Commodity News Service Canada
WINNIPEG, October 23 – ICE Canada canola contracts were mostly higher Friday morning, taking strength from action in the Canadian currency.
The Canadian dollar was lower relative to its US counterpart which made canola more attractive to foreign buyers.
Canola’s January contract seems to have found support at the C$480 per tonne level.
Dry weather in parts of Brazil was supportive for canola, according to a report.
However, losses in the US soy complex, European rapeseed futures and Malaysian palm oil dragged on values.
Yesterday’s weak close has tilted the bias to the down side, an analyst said.
The US harvest continues to speed along which cast a bearish tone over the market.
About 19,200 canola contracts had traded as of 9:25 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 9:25 CDT:
