By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 27 – ICE Canada canola contracts were posting small gains Tuesday morning, amid ideas that Monday’s losses were overdone.
Canola dropped below nearby support levels on Monday, hitting its softest levels in a month. However, values were back within their well established ranges by Tuesday morning.
Gains in the CBOT soy complex and Malaysian palm oil lent some spillover support to canola, according to participants. The Canadian dollar was also weaker in early activity.
On the other side, rising Canadian production ideas and reports of improving South American weather conditions did put some pressure on values.
About 6,500 canola contracts had traded as of 9:01 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 9:01 CDT:
