By Dave Sims, Commodity News Service Canada
WINNIPEG, November 13 – Canola contracts on the ICE Futures Canada platform were higher Thursday morning, following soybeans.
Values also received spillover support from Malaysian palm oil and European rapeseed futures.
There is strong demand for soymeal right now which is underpinning the market, according to a report.
However, reports indicate recent rains have improved the outlook for South America’s soy crop, which was bearish.
Farmers appear reluctant to sell right now, possibly because of the tight soymeal situation, said an analyst.
The Canadian dollar was slightly higher, which cuts into crush margins and makes canola less attractive on the international market.
About 900 canola contracts had traded as of 8:35 CDT.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
