By Dave Sims, Commodity News Service Canada
WINNIPEG, May 20 – Canola contracts on the ICE Futures Canada platform were higher at 8:55 CDT on Friday, taking strength from gains in US soybeans.
Malaysian palm oil futures and crude oil were both stronger which buoyed the canola market.
The Canadian dollar was relatively weak compared to its US counterpart which made canola more attractive on the international market.
Forecasters say expected rainfall amounts in Alberta may be less than originally thought, which was bullish.
However, US soyoil was below unchanged which dragged on the market.
US farmers are expected to swap out corn acres in favour of soybeans, according to a report.
About 4,500 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:
