By Dave Sims, Commodity News Service Canada
WINNIPEG, November 25 – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CST Wednesday, following gains in the CBOT soy complex.
Malaysian palm oil and European rapeseed futures were both firmer which was also supportive for canola.
Traders were positioning themselves ahead of the US Thanksgiving holiday, an analyst said.
Despite recent rains, some soybean fields in Brazil could do with more moisture, which was also supportive.
However, canola’s bounce higher is apt to run into some chart-based resistance, according to a report.
The technical bias lies pointed to the downside while most investors expect the next StatsCan survey to reveal a large canola crop than previously forecast.
Around 10,000 contracts had traded as of 10:35 CST,
Wednesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CST:
