By Dave Sims, Commodity News Service Canada
WINNIPEG, Jan. 13 – ICE Canada canola contracts were higher Tuesday morning, correcting after Monday’s losses and in sympathy with the US soy complex.
Commercial demand in the vegetable oil market was supportive.
There are ideas that farmer selling could be delayed as they wait for better prices, according to a report.
However, a stronger Canadian dollar limited the gains.
The massive 2014 US soy crop continues to cast a bearish shadow over the market, along with a generally favourable outlook for the crop in South America.
Malaysian palm oil has been on the defensive this morning, which was bearish.
The bias could be pointed to the downside now that the January report is in the books, said an analyst.
About 800 canola contracts had traded as of 8:30 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CST:
