By Dave Sims, Commodity News Service Canada
WINNIPEG, Dec. 22 – ICE Canada canola contracts were mostly higher Monday morning on choppy trade in sympathy with the US soy complex.
Trading is expected to be volatile throughout the day due to the proximity of the Christmas holiday, traders said.
Commercial buying lent some underlying support to values.
The Canadian dollar was weaker against its US counterpart which helped make canola more attractive on the international market.
A canola crushing plant in Yorkton, Saskatchewan has officially re-opened which should bolster demand for canola, according to a report.
March canola futures are still finding resistance around C$440 dollar mark and likely need bullish fundamentals to break free, said an analyst.
The soybean crop in South America has shown improved development due to recent rains which was bearish.
About 3,300 canola contracts had traded as of 8:40 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CST:
