By Dave Sims, Commodity News Service Canada
WINNIPEG, October 11 – Canola contracts on the ICE Futures Canada platform were higher Tuesday morning, following gains in the vegetable oil market.
US soybean futures were also stronger, which was supportive.
Cool, wet weather across Western Canada has prompted worries about harvest delays and damage to the crop.
However, ideas are circulating that tomorrow’s USDA report will predict larger soy production in the US, which was bearish.
Soybean planting in Brazil is ahead of schedule.
The Canadian dollar was slightly higher relative to its US counterpart, which limited the gains.
Canadian markets were closed Monday for the Thanksgiving Day holiday.
About 6,700 canola contracts had traded as of 8:58 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:58 CDT:
