By Dave Sims, Commodity News Service Canada
WINNIPEG, September 10 – ICE Canada canola contracts were higher Thursday morning, following gains in the vegetable oil market. Malaysian palm oil, European rapeseed futures and US soy oil were all higher.
Traders are squaring their positions ahead of the USDA’s release of its monthly supply and demand report on Friday, which lent canola some support.
Reports of frost have been surfacing in parts of Western Canada in recent days which was bullish.
Chinese demand for canola is expected to increase soon which added some support.
However the Canadian dollar was higher relative to its US counterpart which was bearish for prices.
US soybeans were higher which helped to limit the gains.
The technical bias remains pointed lower.
About 2,500 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
