By Dave Sims, Commodity News Service Canada
WINNIPEG, February 7 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CST on Tuesday, due to action in the Canadian currency.
The Canadian dollar was about half a cent lower relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Malaysian palm oil and Chicago Board of Trade soybeans were both higher which bolstered prices.
The bias appears tilted to the upside.
However, losses in CBOT soyoil were bearish for values.
New crop estimates for Brazil and Argentina point towards large soybean crops for both countries.
About 11,500 canola contracts had traded as of 10:40 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CST:
