By Dave Sims, Commodity News Service Canada
WINNIPEG, November 21 – Canola contracts on the ICE Futures Canada platform were higher Monday morning, following gains in the vegetable oil market.
Gains in the US soy complex, contributed to the upside.
Commercial demand was solid, underpinning prices.
There are ideas that as much as one million tonnes of Canadian canola may not be harvested this season.
However, on the other side, strength in the Canadian dollar pushed down on prices as it made canola less attractive to buyers in other countries.
Farmers in Western Canada have made good harvesting progress over the past two weeks, which was bearish, according to a report.
Chart-based selling and large soybean supplies in the US undermined futures.
About 3,600 canola contracts had traded as of 8:53 CST.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:53 CST:
Price Change
Canola Jan 516.50 up 2.00
Mar 523.00 up 2.40
May 526.10 up 2.10
Milling Wheat Dec 231.00 unch
Mar 235.00 unch
Durum Dec 329.00 unch
Mar 340.00 unch
Barley Dec 132.50 unch
Mar 134.50 unch
