By Dave Sims, Commodity News Service Canada
WINNIPEG, October 26 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CDT Monday, in sympathy with the vegetable oil market.
The Canadian dollar was higher relative to its US counterpart which made canola less attractive to foreign buyers.
Rain in the US has quelled many concerns over dry soybean fields, which was bearish.
Values quickly dropped through the support level of C$482 per tonne (January contract) today.
There are widespread expectations that the next Statistics Canada crop forecast will show a much biggest canola crop than first projected.
However, canola is locked within a sideways trading range with steady buying from China helping to limit the losses.
“I am still hopeful for a near-term bounce based on the seasonality of the marketplace,” a trader said.
Around 22,000 contracts had traded as of 10:45 CDT,
Monday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
