By Dave Sims, Commodity News Service Canada
WINNIPEG, June 19 – ICE Canada canola contracts were higher Friday morning taking strength from US soyoil.
The Canadian dollar was lower compared to its US counterpart which made Canadian canola more attractive to international buyers.
Malaysian palm and European rapeseed futures were also higher which supported the canola market.
Cold overnight temperatures this week in Manitoba and Saskatchewan likely slowed development of the crop which was supportive for values, according to a report.
However, weakness in US soybeans helped to limit the gains.
Canola was quite expensive compared to other vegetable oils which weighed on values, according to an analyst.
Rain forecasts for various parts of Western Canada were bearish as the moisture is expected to partially alleviate dry conditions.
Traders were positioning themselves ahead of the weekend.
About 1,300 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
