By Dave Sims, Commodity News Service Canada
WINNIPEG, June 12 – Canola contracts on the ICE Futures Canada platform were higher at 10:50 CDT Friday in sympathy with soyoil.
The Canadian dollar was slightly weaker against its U.S. counterpart, which made canola more attractive on the international market.
Traders were positioning themselves ahead of the weekend, one analyst said.
However, US soybeans, Malaysian palm oil and European rapeseed futures were all weaker which limited the gains.
Rain has fallen on parts of Saskatchewan and Alberta which is expected to partially alleviate dryness in those regions.
“I’ve talked to people that got half an inch, to an inch and more,” said the analyst. He acknowledged that more moisture would be needed soon.
Around 11,500 contracts had traded as of 10:50 CDT, Friday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
