By Dave Sims, Commodity News Service Canada
WINNIPEG, October 18 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Tuesday, taking strength from gains in US soybeans and speculative buying.
“Looks like there’s some fund money in there too,” said a trader in Winnipeg.
The harvest in parts of Western Canada continues to face delays brought on by cold, wet weather, which was supportive.
World demand for oilseeds remains robust while the technical bias has turned higher.
However, losses in US soyoil were bearish for values.
The Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to international buyers.
Losses in European rapeseed futures and Malaysian palm oil also weighed down canola.
About 20,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
