By Dave Sims, Commodity News Service Canada
WINNIPEG, October 31 – Canola contracts on the ICE Futures Canada platform were higher Monday morning, pressed down by action in the Canadian dollar.
The loonie was lower relative to its US counterpart, which made canola more enticing to out-of-country buyers.
Cold and wet weather in Alberta and Saskatchewan has brought the harvest to a halt with a significant portion of the crop still on the ground, which was supportive.
Crushing activity continues to roll ahead at a brisk pace.
However, losses in vegetable oil were bearish for values.
Canola appears vulnerable to profit-taking, according to an analyst.
US soybeans are beginning to flood the market which weighed on prices.
About 4,200 canola contracts had traded as of 8:58 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:58 CDT:
