By Dave Sims, Commodity News Service Canada
WINNIPEG, Dec. 23 – ICE Canada canola contracts were mostly higher Tuesday morning on chart-based buying and in sympathy with vegetable oil. Malaysian palm oil, European rapeseed futures and soyoil were all stronger.
Large fund traders added to their positions, said an analyst, noting prices tested nearby resistance.
Farmer selling has been light as the Christmas holiday is almost here.
The Canadian dollar was weaker against its US counterpart which helped make canola more attractive on the international market.
However, US soybeans and soymeal were weaker which limited the gains.
The soybean crop in South America has shown improved development due to recent rains, which was bearish.
As the day wears on profit-taking could materialize, suggested an analyst.
About 1,300 canola contracts had traded as of 8:40 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CST:
