By Dave Sims, Commodity News Service Canada
WINNIPEG, October 23 – Canola contracts on the ICE Futures Canada platform were mostly higher at 10:45 CDT Friday, as action in the Canadian currency offset losses in other commodities.
The Canadian dollar was lower relative to its US counterpart which made canola more attractive to foreign buyers.
Domestic crush demand is firm while there are ideas that canola exports are quite active, an analyst said.
The most active January contract continues to find support at C$482 per tonne.
However losses in the US soy complex, and weakness in the vegetable oil market limited the gains.
The technical bias is still leaning to the downside, according to a report.
A lack of fresh news was also bearish, according to a trader.
“There’s no impetus for things to go up that much,” he said.
The advancing US soybean harvest also pressured prices.
Around 20,000 contracts had traded as of 10:45 CDT,
Friday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
