By Dave Sims, Commodity News Service Canada
WINNIPEG, July 15 – Canola contracts on the ICE Futures Canada platform were higher Friday morning, taking support from action in the Canadian currency and higher US soy prices.
The Canadian dollar was slightly lower compared to its US counterpart, which made canola more enticing to foreign buyers.
Gains in crude oil and Malaysian palm oil were bullish for canola.
Excess rain across parts of Western Canada, and looming hot weather in soybean-rich areas of the United States were also supportive.
However, losses in European rapeseed futures limited the gains.
Traders are likely to be cautious before the weekend, which could make for a choppy day, according to a report.
About 4,700 canola contracts had traded as of 8:55 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
