By Jade Markus, Commodity News Service Canada
WINNIPEG, June 17 – ICE Canada canola contracts were stronger in early activity on Friday, supported by gains in Chicago Board of Trade soy contracts.
Soybeans, soymeal, and soy oil advanced in early activity, underpinned by fund and commercial buying.
Overnight gains in the Malaysian palm oil market also provided some spillover support.
Selling in the canola market may have been overdone on Thursday, which could add to the advances.
However, strength in the Canadian dollar against its US counterpart limited gains ahead of the weekend, as a stronger loonie makes canola less appealing to international buyers.
Canola’s technical bias is to the downside, which could pressure prices throughout the day.
About 6,463 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CDT:
