By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, November 10 – THE ICE Futures Canada canola market finished higher on Thursday, tracking gains in the US soy complex.
Gains in vegetable oil were also bullish for canola.
Despite a recent wave of warm weather, farmers in Western Canada are making slow progress in harvesting the remainder of the canola crop, according to a trader in Winnipeg.
“Harvest progress is still a struggle, the crops are either frosty overnight or damp in the morning so guys don’t really get going until noon and then they shut down at five o’clock,” he said.
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He adds the technical picture also favours canola.
“The chart structure looks positive which may prompt spec buying,” he said.
However, losses in crude oil weighed on canola.
Prospects for the South American soybean crop are said to be very good.
Traders were also positioning themselves ahead of Remembrance Day on Friday. Canadian markets will be closed for the day.
Milling wheat, barley and durum were untraded.
About 18,149 canola contracts traded on Thursday, which compares with Wednesday when 20,175 contracts changed hands. Spreading accounted for about 8,502 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
