By Dave Sims, Commodity News Service Canada
WINNIPEG, November 7 – Canola contracts on the ICE Futures Canada platform were mixed at 10:45 CST on Monday, with favourable weather weighing down the front-month January contract while gains in US soy propped up the more deferred values.
The weather in Western Canada has turned warm and dry which has renewed hopes farmers will be able to harvest much of the remaining canola.
The US soybean harvest is mostly complete and large supplies are coming on the market, which was bearish.
The technical bias is pointed lower.
However, on the other side of the coin, demand for canola remains strong.
Traders will be hesitant to push canola prices too low ahead of tomorrow’s US election, an analyst said.
The canola crush in Canada is running at a record pace which was supportive.
Gains in European rapeseed futures underpinned the market.
About 9,000 canola contracts had traded as of 10:45 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CST:
