By Dave Sims, Commodity News Service Canada
WINNIPEG, Jan. 14, – ICE Canada canola contracts were mostly higher Wednesday morning on choppy trade, seeing some follow through buying after yesterday’s gains and tracking Chicago soyoil. Speculative buying was also a feature, according to an analyst.
Forecasts calling for dry weather in South America were supportive as hotter temperatures are expected to set in during the critical pod-setting stage, according to a report.
However, losses in Malaysian palm oil and European rapeseed futures cast a downward influence on values, traders said.
Commercial demand is showing some signs of weakening as the basis levels in Western Canada have been widening out.
The large US soybean situation was also hanging over the market.
Canola could face increased pressure today from spillover selling in other oilseed markets, said an analyst.
About 2,800 canola contracts had traded as of 8:37 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:37 CST:
