By Dave Sims, Commodity News Service Canada
WINNIPEG, February 11 – ICE Canada canola contracts were higher Thursday morning, taking strength from gains in the CBOT soy complex and currency issues.
The Canadian dollar was lower relative to its US counterpart, which made canola a more attractive purchase for foreign buyers.
Malaysian palm oil was also higher which contributed to the advances.
Commercial buying has been steady as of late with favourable crush margins, according to a trader.
However, losses in crude oil and European rapeseed futures were bearish for the market.
The large South American soy crop is about to crowd the market with fresh supplies of soybeans which limited the gains.
Concerns over the faltering world economy also cast a shadow over the market.
Any bounce higher is likely to be regarded as a selling opportunity, according to an analyst.
About 5,000 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:
