By Dave Sims, Commodity News Service Canada
WINNIPEG, October 20 – ICE Canada canola contracts were higher Tuesday morning, following gains in the US soy complex.
Some northern areas of Brazil require more rain for the soybean crop while other places in the south could do with some drier weather, according to a report.
Canola continues to hold support at key levels on the charts, according to a report.
European rapeseed futures were higher and commercial production was steady which buoyed values.
However, the Canadian dollar, which was initially lower in the wake of the Federal election, had turned higher which put pressure on prices.
Malaysian palm oil was weaker which dragged on values.
Canola faces stiff competition from other vegetable oils while the US soybean harvest is progressing rapidly.
About 13,500 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: