By Dave Sims, Commodity News Service Canada
WINNIPEG, December 29 – Canola contracts on the ICE Futures Canada platform were stronger on volatile trading at 10:40 CST Monday, in sympathy with soyoil.
“It’s struggling to catch up to the US markets,” said a trader, noting canola had caught up to the halfway mark of what US soybean markets had done since Friday, when the Canadian market was closed for Boxing Day.
Bean oil was leading the way for canola, he said. Although he cautioned most of this week’s trading will be erratic and directionless and traders square their position before the end of the year
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“It’s hard to see any direction in these markets,” he said.
Spillover buying in Malaysian palm oil and European rapeseed futures lent support to values.
Commercial buying and slow farmer selling helped underpin the market, according to a report.
However, improved prospects for development of the soybean crop in South America, along with the large US soybean crop, were bearish for canola values.
Around 13,500 contracts had traded as of 10:40 CST, Monday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
