By Jade Markus, Commodity News Service Canada
WINNIPEG, January 22 – ICE Canada canola contracts were slightly
stronger in early activity on Friday, gathering spill over support
from Chicago Board of Trade soy oil.
Market watchers say canola is likely to gather most of its
direction from US markets on Friday, which means South America’s crop
is a point of focus.
South America has seen significant dryness, with more expected
to come, which puts soybean crops at risk, according to some reports.
But other analysts say rain in the region has been sufficient,
and heavy supplies of soybeans will hit the market soon.
The Canadian dollar strengthened against its US counterpart in
early activity on Friday, which limited gains in canola.
Canola has reached key support levels, analysts say, which gives
it room to bounce higher.
Malaysian palm oil closed stronger.
About 2,088 canola contracts had traded as of 8:44 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:44 CST:
