ICE Canola Stronger With US Soy Complex

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Published: October 13, 2015

By Dave Sims, Commodity News Service Canada

WINNIPEG, October 13 – Canola contracts on the ICE Futures Canada platform were higher at 10:45 CDT Tuesday, taking strength from the US soy complex.

Soybeans chalked up gains on Monday, when the Canadian market was closed for Thanksgiving, and continued to surge higher Tuesday morning as well.

“The beans are kicking up and some fund money is coming in,” a trader said.

Canola’s near-term November contract broke through the technically-important C$470 per tonne mark early in the day and continued to climb higher.

Farmer selling of canola hasn’t been as aggressive as many expected, an analyst said.

However, yields have been better than expected, which was also bearish.

The technical bias could be turning to the downside, said a trader.

Around 22,000 contracts had traded as of 10:45 CDT,
Tuesday.

Milling wheat, barley and durum were all untraded and unchanged.

Prices in Canadian dollars per metric ton at 10:45 CDT:

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