By Dave Sims, Commodity News Service Canada
WINNIPEG, February 5 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CST on Monday, propped up by action in the Canadian currency.
The Canadian dollar was lower compared to its U.S. counterpart, which made canola more attractive to domestic crushers and foreign buyers.
Gains in vegetable oil markets were supportive for canola.
There are ideas looming rains in Argentina could be much less than initially expected, which was supportive.
However, losses in U.S. soybeans were bearish for soybeans.
Crushers and local users seem to be the only ones buying right now, according to a trader in Winnipeg.
“The crushers are only buying their quota for the day,”
he added.
About 13,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
