By Dave Sims, Commodity News Service Canada
WINNIPEG, December 1 – Canola contracts on the ICE Futures Canada platform were mostly higher in choppy trading at 10:43 CST on Thursday, tracking gains in Chicago Board of Trade soyoil.
Malaysian palm oil, crude oil and European rapeseed futures were stronger, which underpinned the market.
Canola appears to have found technical support on the charts, according to a report.
Winter conditions have set in across much of the Prairies putting an end to the vast majority of the harvest.
However, gains in the Canadian dollar relative to its US counterpart were bearish for canola. The higher currency makes canola less attractive on the international market.
The market looks vulnerable to technical selling, an analyst said.
Losses in CBOT soybeans were bearish for canola.
About 13,500 canola contracts had traded as of 10:43 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:43 CST:
