By Dave Sims, Commodity News Service Canada
WINNIPEG, Feb. 6 – ICE Canada canola contracts were higher Friday morning, following the US soy complex and Malaysian palm oil.
News that the Indonesian government is going to increase subsidies on bio-diesel helped underpin the market.
The Canadian dollar was slightly weaker against its American counterpart this morning which helped support values.
However, European rapeseed futures were lower this morning which weighed on values.
The looming harvest of the massive crop in South America also put pressure on the market, according to an analyst.
Canola could be vulnerable to profit-taking today as values test the upper end of the range.
About 2,500 canola contracts had traded as of 8:30 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CST:
