By Jade Markus, Commodity News Service Canada
WINNIPEG, November 16 – ICE Canada canola contracts were stronger in early activity on Wednesday, tracking gains in the Chicago Board of Trade soy complex.
US oilseeds advanced Wednesday morning, underpinned by strong demand, which provided spill-over support to canola.
Overnight advances in the Malaysian palm oil market were also bullish for values.
Uncertainty about how much of Canada’s canola crop has been harvested further underpinned the market.
Western Canadian producers have been able to make some progress as-of-late, as the weather turned warmer and drier, but just how much canola has been taken out of fields is unclear.
However, reports of favourable seeding conditions in South America limited the upside.
Ideas that there could be an increase in producer-selling also capped gains.
