By Dave Sims, Commodity News Service Canada
WINNIPEG, January 19 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly higher Friday morning, taking strength from gains in the U.S. soy complex.
The Canadian dollar was slightly weaker relative to its U.S. counterpart, which made canola more attractive to out-of-country buyers.
Concerns are mounting about the lack of snow cover in parts of Alberta and Saskatchewan and its subsequent effect on moisture levels.
Speculators are short in the market; hovering around the 20,000 contract level.
However, losses in Malaysian palm oil limited the gains.
Canola is becoming a more-expensive option compared to soy, which weighed on values.
Prices in Canadian dollars per metric ton at 8:55 CST:
