By Dave Sims, Commodity News Service Canada
WINNIPEG, January 19 – Canola contracts on the ICE Futures Canada platform were higher at 10:45 CST Tuesday, taking strength from advances in CBOT soyoil.
Gains in Malaysian palm oil, crude oil and CBOT soybeans also helped prop up values.
Some buying was also sparked by ideas canola is cheap relative to other vegetable oils, a trader said.
“Canola is cheapish, I wouldn’t call it cheap but it’s well-valued from a buyer’s point of view,” he said.
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The Bank of Canada is scheduled to make an announcement tomorrow regarding possible adjustments to the interest rate. Traders are positioning themselves in case the bank decides to slash the rate, which would likely push the Canadian dollar lower.
The Canadian dollar was slightly stronger this morning, which tempered the gains.
Farmer deliveries are increasing, according to a report.
Improvements in the South American soybean crop also weighed on the market.
Around 8,300 contracts had traded as of 10:45 CST, Tuesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
