By Dave Sims, Commodity News Service Canada
WINNIPEG, November 17 – Canola contracts on the ICE Futures Canada platform were higher on Friday, taking strength from gains in U.S. soybeans and action in the Canadian currency.
The Canadian dollar was weaker relative to its U.S. counterpart, which made canola more enticing to foreign buyers.
Commercials were out looking for bargains before the weekend, which was supportive.
Rain is needed in several parts of South America to help bolster moisture levels for soybean fields.
However, losses in U.S. soyoil were bearish for the market.
Canola is feeling some technical resistance.
Prices in Canadian dollars per metric ton at 9:00 CST:
