By Dave Sims, Commodity News Service Canada
WINNIPEG, October 31 – Canola contracts on the ICE Futures Canada platform were higher on Tuesday, due to action in the Canadian currency.
The Canadian dollar was lower relative to its U.S. counterpart, which made canola more attractive to domestic crushers and foreign buyers.
The technical bias is pointed higher.
It appears a few hundred thousand acres of canola may go unharvested this fall, but that is still much lower than the amount left to overwinter last year.
However, losses in vegetable oil markets limited the gains.
Soybean fields in parched regions Brazil are expecting to receive some rain in the next few days.
Prices in Canadian dollars per metric ton at 8:54 CDT:
