By Dave Sims, Commodity News Service Canada
WINNIPEG, December 18 – ICE Canada canola contracts was stronger Friday morning, in sympathy with a vegetable oil market that was correcting off yesterday’s losses. CBOT soyoil, Malaysian palm oil and European rapeseed futures were all higher.
CBOT soybeans were stronger which also helped to underpin the market.
The soybean crop in South America is a mixed bag. Some areas could do with more moisture while some are looking for a drier bias.
Slow farmer selling looks to be the norm from now until the New Year. Commercial interest remains steady, according to a report.
However, falling crude oil prices dragged on canola while technical resistance appears to be holding, said an analyst.
Farmers in Argentina are expected to start exporting soy supplies in the near future, now that the export tax has been reduced.
About 5,300 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:54 CST:
