By Dave Sims, Commodity News Service Canada
WINNIPEG, September 15 – Canola contracts on the ICE Futures Canada platform were higher at 10:45 CDT Tuesday, led by an early bounce in US soybeans and soymeal.
“Commercial buying interest is also helping to lift values,” said a trader.
Wet weather has caused harvest delays across parts of Western Canada which was supportive.
The market seems to be establishing floor support around the US$455 per tonne (November contract) level, said the trader.
However, losses in US soyoil, Malaysian palm oil and European rapeseed futures helped limit the gains.
Harvest is slowly advancing which was also bearish for values.
Technically speaking, the funds are still short, according to the trader.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT.
