By Dave Sims, Commodity News Service Canada
WINNIPEG, Feb. 27 – ICE Canada canola contracts were higher Friday morning, taking direction from gains in soybeans and soyoil.
Canola also received support from crude oil, Malaysian palm oil and European rapeseed futures which were also firmer.
Commercial demand for canola remains strong which underpinned the market.
There are reports of some transportation problems in Brazil due to the threat of job action by truckers. The issue has been resolved but logistics still have to return to normal, participants say.
However, the gains were capped by the Canadian dollar which was higher against its American counterpart. This made canola less attractive to crushers and exporters.
The large crop in South America also weighed down values while any bounce before the weekend could be seen as a selling opportunity, said a trader.
About 6,000 canola contracts had traded as of 8:40 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CST:
