By Dave Sims, Commodity News Service Canada
WINNIPEG, November 10 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CST on Thursday, taking strength from action in the Canadian currency.
The Canadian dollar was about a third of a cent weaker compared to its US counterpart, which made canola more attractive to domestic crushers and international buyers.
“Crush margins are recovering after falling yesterday,” noted a trader in Winnipeg.
Gains in vegetable oil helped support canola along with a solid chart picture, he added.
Harvest progress in Western Canada is slow going due to soggy conditions.
Speculators may buy positions ahead of the long weekend, the trader said. Canadian markets are closed Friday for Remembrance Day.
However, hedge protection could be at play, according to the trader.
Losses in crude oil were bearish for canola.
Scattered rain has been forecast for parts of Western Canada late next week.
About 8,400 canola contracts had traded as of 10:40 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CST:
