By Dave Sims, Commodity News Service Canada
WINNIPEG, October 22 – ICE Canada canola contracts were higher Thursday morning, taking strength from gains in the US soy complex.
Malaysian palm oil and European rapeseed futures were also higher, which was supportive.
Canola’s January contract broke through the technically-important C$485 per tonne mark and seems to be holding support.
Canola could see spillover buying from other commodities, an analyst said.
However, the Canadian dollar was higher compared to its US counterpart, which put pressure on canola.
Expectations that the canola crop is larger than the previous Statistics Canada forecast continues to keep a lid on the market.
The US harvest continues to speed along which cast a bearish tone over the market.
About 6,200 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CDT:
