By Dave Sims, Commodity News Service Canada
WINNIPEG, October 19 – ICE Canada canola contracts were slightly higher Monday morning in choppy trading.
The Canadian dollar was lower compared to its US counterpart which made canola more attractive to buyers in other countries.
Forecasts in South America are projecting beneficial weather for the crops down there, but dry, patchy conditions are still a source of concern for crop-watchers, which was bullish.
Canola appears to have found some support on the charts, according to a report.
However, prices felt pressure from losses in US soyoil, Malaysian palm oil and US soybeans.
The advancing harvest in the US cast a bearish tone over the marketplace while canola yields in Canada have been better than anticipated.
Large hedge-funds are leery right now of coming into the market and setting up long positions, an analyst said.
About 3,000 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CDT:
