By Dave Sims, Commodity News Service Canada
WINNIPEG, September 22 – Canola contracts on the ICE Futures Canada platform were mixed Thursday morning, with the front-month contracts taking strength from higher vegetable oil prices, while the more-deferred values were weighed down by large global supplies of oilseeds.
Malaysian palm oil, US soyoil and European rapeseed futures were all stronger which was supportive for the market.
Wet weather across parts of Western Canada has slowed down harvest and raised concerns over quality.
Farmer selling was light and crude oil was stronger which was bullish.
However, US soybeans were lower which undermined the market.
The Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to international buyers.
About 3,800 canola contracts had traded as of 8:55 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:55 CDT:
