By Dave Sims, Commodity News Service Canada
WINNIPEG, August 18 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CDT on Friday, in sympathy with vegetable oil markets.
Advances in US soybeans were supportive for canola.
Uncertainty over the size of the upcoming harvest helped to prop up prices. Farmer selling is sluggish and rationing of supplies has already begun to ensure the country doesn’t run out of canola.
The technical bias is pointed higher.
However, the Canadian dollar is over half a cent higher, compared to its US counterpart, which made canola less enticing on the international market.
Traders were positioning themselves ahead of the weekend.
About 4,900 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
