By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Nov. 25 – Canola futures in the ICE Canada trading platform were stronger at mid-session Tuesday, following the gains seen in the Chicago soy complex, analysts said.
Continued slow farmer selling into Canadian cash markets was also underpinning the market, as producers continue to wait for better prices and the new tax year.
Demand for Canadian canola remains solid, despite the Yorkton crushing facility still being closed, which was bullish as well.
However, canola was lagging soybeans to the upside, as traders were waiting for fresh news before making any big moves, brokers said.
The upswing in the value of the Canadian dollar, technical selling and generally good conditions for South American soybeans were also bearish.
As of 10:40 CST Tuesday, about 8,260 contracts had traded.
Milling wheat and durum futures were untraded and unchanged. Barley futures saw 25 December contracts traded at stronger prices.
Prices in Canadian dollars per metric ton at 10:40 CST:
