By Dave Sims, Commodity News Service Canada
WINNIPEG, August 4 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at 10:40 CDT on Friday, due to action in the Canadian currency.
The Canadian dollar was about a third of a cent weaker, relative to its US counterpart, which made canola more enticing on the international market.
Gains in Malaysian palm oil and US soyoil were supportive for canola.
Traders were positioning themselves ahead of the weekend. Markets will be closed in Canada on Monday for a civic holiday.
The November contract broke through major resistance early this morning.
However, milder weather in the US Plains and Canadian Prairies undermined prices.
Oilseed crops in North America are generally expected to be large this year, despite the summer heat.
About 4,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
