By Dave Sims, Commodity News Service Canada
WINNIPEG, June 17 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Friday, following advances in the US soy complex.
Both crude oil and the vegetable oil market were also higher which buoyed canola, according to a report.
There are ideas yesterday’s losses were overdone.
However, the Canadian dollar was higher relative to its US counterpart, which made canola less enticing to out-of-country buyers.
“Crops (CDN canola and US soybeans) on both sides of the border are in spectacular condition,” noted a Winnipeg-based trader.
From a chart perspective, the bias appears to be leaning to the downside, according to a report.
While canola appears range-bound right now that could easily change with a weather event, the analyst said.
About 16,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
