ICE Canola Higher With Spec Buying, US Soy
By Dave Sims, Commodity News Service Canada
WINNIPEG, October 30 – Canola contracts on the ICE Futures Canada platform were higher at 10:45 CDT Friday, taking strength from gains in the US soy complex and some early speculator buying.
European rapeseed futures were higher which helped underpin the market.
China is reportedly on the hunt for more oilseeds at the right price.
Traders were positioning themselves ahead of the weekend while farmers were hanging onto supplies in search of better prices.
However, the boost canola enjoyed from this morning`s speculator action is fading, and canola could be set for some downward action, said a trader.
The Canadian dollar was higher relative to its US counterpart, which weighed on futures.
Rain in Brazil is helping replenish soybean fields that were badly in need of moisture.
Malaysian palm oil was lower which dragged on values.
Around 7,000 contracts had traded as of 10:45 CDT,
Friday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
