By Dave Sims, Commodity News Service Canada
WINNIPEG, Feb. 3 – ICE Canada canola contracts were mostly higher Tuesday morning in sympathy with the US soy complex.
European rapeseed futures were also higher which lent support to values.
Traders are likely positioning themselves ahead of Wednesday’s Statistics Canada grain stocks report.
However, weakness in Malaysian palm oil cast some resistance over values along with gains in the Canadian dollar. The loonie was up a quarter of a cent against its US counterpart which made canola less attractive to foreign buyers.
The Canadian canola supply is considered to be ample by many industry-watchers which was bearish, according to a report.
About 2,000 canola contracts had traded as of 8:35 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CST:
