By Dave Sims, Commodity News Service Canada
WINNIPEG, November 12 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, tracking the soy complex and receiving spillover support from European rapeseed oil futures and Malaysian palm oil.
Soybeans rallied on Tuesday when Canadian markets were closed for Remembrance Day and canola was catching up on Wednesday as the US market remained pointed higher.
Values also received report from technical buying after some key price targets were breached.
However, concerns about the potential size of the South American crop limited the gains.
Light scale-up farmer selling did temper the upside.
The Canadian dollar was slightly higher, which cuts into crush margins and makes canola less attractive on the international market.
About 8,000 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
