By Dave Sims, Commodity News Service Canada
WINNIPEG, Dec. 2 – ICE Canada canola contracts were stronger Tuesday morning, due to a weaker Canadian dollar and technical buying in the wake of yesterday’s losses.
Spillover buying for Malaysian palm oil, European rapeseed futures also supported values.
Crude oil posted a strong recovery bounce which also lent moderate support to the vegetable oil market.
However, soybeans and soyoil were lower which limited the gains.
The large US soybean harvest and improving prospects for the South American soybean crop continue to cast a bearish tone over the market.
About 5,000 canola contracts had traded as of 8:30 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CST.
