By Dave Sims, Commodity News Service Canada
WINNIPEG, April 29 – Canola contracts on the ICE Futures Canada platform were slightly higher at 8:55 CDT on Friday, tracking gains in US soyoil.
Dry weather across the Western Canadian Prairies is casting a weather premium into the market along with wet weather in major soybean growing states in the US.
Commercial buying was supportive along with gains in crude oil.
However, strength in the Canadian dollar was bearish as it made canola less attractive to international buyers.
Losses in Malaysian palm oil and European rapeseed futures limited the gains.
Wet weather has cut into Argentina’s soybean crop but South American supplies are still massive.
Crush margins are relatively soft ahead of seeding.
About 5,300 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
