By Dave Sims, Commodity News Service Canada
WINNIPEG, January 25 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:40 CST on Thursday, taking strength from advances in United States soybeans.
Crush margins for oilseeds in Canada and the U.S. are both higher, which was supportive.
Dry conditions in Argentina helped lift canola. Parched regions in Western Canada along with a lack of snow cover were similarly bullish for prices.
Slow farmer selling helped underpin the market.
However, strength in the Canadian currency weighed on the market.
The dominant March contract seems to be facing some technical resistance around the C$497 per tonne mark.
About 7,300 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
