By Dave Sims, Commodity News Service Canada
WINNIPEG, November 20 – Canola contracts on the ICE Futures Canada platform were stronger at 10:50 CST Thursday, in “very quiet” trade, according to an analyst.
“There’s some action in the bean market but the oil is staying quiet,” said the analyst.
He also noted large funds were actively buying soyoil in the US.
“Canola isn’t seeing any of that activity though, it’s just tagging along,” he added.
European rapeseed futures and Malaysian palm oil were both higher which helped to underpin the market.
However, a stronger Canadian dollar put downward pressure on values.
The technical bias is shifting to the downside, said a trader, meaning any significant bounce could be seen as a selling opportunity.
About 5,500 canola contracts had traded as of 10:50 CST.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CST:
