By Dave Sims, Commodity News Service Canada
WINNIPEG, December 29 – ICE Canada canola contracts posted gains Tuesday morning in thin-volume trading, following advances in the US soy market.
European rapeseed futures and crude oil were slightly stronger which helped support canola.
The soybean crop in South America could do with some more rain in key areas, according to a report.
Slow farmer selling looks to be the norm from now until the New Year.
However, the Canadian dollar was slightly higher which weighed on canola.
Farmers in Argentina are expected to start exporting soy supplies in the near future, now that the export tax has been reduced.
Canola still has some catching up to do on the downside, an analyst said.
About 6,000 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:54 CST:
