By Dave Sims, Commodity News Service Canada
WINNIPEG, October 17 – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CDT on Monday, tracking gains in the US soy complex.
Canola also took strength from advances in the vegetable oil market.
The crush rate continues to clip along at a rapid pace, which was supportive.
Snow and rain continues to plague canola-growing areas across the western portion of the Prairies, which was bullish for prices, noted a trader in Winnipeg.
“Both central and northern areas are struggling to get harvest off or make progress,” he said. “If you follow the provincial ag reports there’s still a good chunk of canola in Saskatchewan and Alberta.”
However, the canola market appears to be slightly overbought, according to an analyst.
The US soybean harvest is expected to be record large, which was bearish.
About 22,000 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
