By Dave Sims, Commodity News Service Canada
WINNIPEG, November 12 – Canola contracts on the ICE Futures Canada platform were firmer at 10:45 CST Thursday, taking strength from gains in the US soy complex.
Futures were showing a mild bounce in the wake of Tuesday’s C$9 sell-off. The January contract has nudged above its former key support level of C$470 per tonne.
The Canadian dollar was slightly weaker relative to its US counterpart which was supportive for canola.
However, Malaysian palm oil and European rapeseed futures were both weaker which helped limit the gains.
The Argentinian government is reportedly considering lowering its export tax on soybeans, which could result in large supplies being dumped onto the market.
Malaysian palm oil production was record large in October, according to a report.
Around 16,000 contracts had traded as of 10:45 CST,
Thursday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
