By Dave Sims, Commodity News Service Canada
WINNIPEG, November 8 – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CST on Tuesday, rebounding from recent losses and taking strength from gains in the US soy complex.
“It’s certainly having a good rally. We pushed it down the past couple of days and it’s now getting a bounce back,” said a trader in Winnipeg.
Speculative buying could also be at play, he added, due to today’s US election.
Advances in the vegetable oil market lent support to canola.
However, on the other side of the coin, favorable weather across much of Western Canada was allowing many farmers to resume harvesting.
The Canadian dollar was higher relative to its US counterpart, which made canola less attractive to out-of-country buyers.
About 12,500 canola contracts had traded as of 10:35 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CST:
