By Dave Sims, Commodity News Service Canada
WINNIPEG, November 30 – ICE Canada canola contracts were higher Monday morning, tracking gains in the CBOT soy complex.
European rapeseed futures were higher which was supportive for canola.
India is reportedly facing widespread drought conditions. If the situation holds to form it would be the first time back-to-back droughts have hit the Asian country in 30 years.
Traders may be hesitant to sell ahead of Friday’s Statistics Canada crop estimates report.
However, the Canadian dollar was slightly stronger relative to its US counterpart which made canola less desirable to foreign buyers.
Malaysian palm oil was weaker which was bearish.
The South American soybean crop is shaping up to be a massive one which undermined the market.
About 5,000 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CST:
