By Dave Sims, Commodity News Service Canada
WINNIPEG, December 5 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CST on Tuesday, tracking gains in U.S. soybeans.
Traders were positioning themselves ahead of tomorrow’s production forecast from Statistics Canada. Canola remains locked in a fairly narrow trading range but analysts say that could easily change after tomorrow’s estimates are released.
Many South American soybeans fields could use more rain, which was supportive.
However, losses in vegetable oil were bearish for the market.
Recent strength in the Canadian dollar continues to make canola less attractive to international customers.
About 10,600 canola contracts had traded as of 10:35 CST.
Prices in Canadian dollars per metric ton at 10:35 CST:
