By Dave Sims, Commodity News Service Canada
WINNIPEG, August 25 – Canola contracts on the ICE Futures Canada platform were slightly higher Monday morning, receiving a bounce from palm and soyoil.
A stronger recovery could be coming for the vegetable oil sector which would push values even higher, according to a report.
There are ideas values were oversold last week and the market is due for gains, said an analyst.
Temperatures dipped near the freezing mark in Alberta last week, which was supportive, industry-watchers said.
Chart-based selling and weakness in soybeans limited the upside, participants said.
Liquidation selling has pushed canola lower, a trader said, who added the bias is still soft.
About 3,100 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
