By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 3 – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, outpacing the US soy complex to the upside as speculators were on the buy side in the choppy market.
Canola remains stuck within a well established range, with speculators and commercials on both sides of the market, according to a broker. He said while canola was seeing an ‘up day’ on Tuesday, the chart and fundamental signals remain flat overall.
The Canadian dollar weaker relative to its US counterpart, which contributed to the gains in canola as the softer currency will make exports more attractive to international buyers.
On the other side, rising North American production ideas and improving South American weather conditions both put some pressure on values, according to participants.
About 10,000 canola contracts had traded as of 11:18 CST.
Milling wheat, durum, and barley were all untraded.
