By Dave Sims, Commodity News Service Canada
WINNIPEG, September 25 – ICE Canada canola contracts were higher Friday morning, tracking advances in the US soy complex.
Large gains in Malaysian palm oil added to the bullish tone while European rapeseed futures were also higher.
The short-term technical outlook has shifted to the upside, according to a report.
The November contract opened just above the key C$470 per tonne mark and has already begun to test the C$480 level.
However, prime harvesting conditions are expected for much of the Prairies this weekend which limited the gains.
The Canadian dollar was higher relative to its US counterpart which made canola less attractive to customer overseas.
Much of Western Canada is expected to see favourable weather over the next few days which should aid harvesting efforts.
So far, yields have been better than expected.
About 8,200 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
