By Dave Sims, Commodity News Service Canada
WINNIPEG, November 6 – ICE Canada canola contracts were higher Friday morning as action in the Canadian currency underpinned the market. The Canadian dollar was lower relative to its US counterpart which made canola more attractive to international buyers.
Values are receiving chart-support as canola showed no inclination towards follow-through selling after yesterday’s losses.
Soybean crops in Brazil reportedly need more moisture despite recent rain.
However, losses in the CBOT soy complex limited the gains.
Malaysian palm oil and European rapeseed futures were also lower which was bearish.
Most traders expect the next StatsCan crop survey to show a larger canola crop than previously reported.
Analysts say new strong employment data in North America could have an effect on the market as well.
About 2,500 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CST:
