By Dave Sims, Commodity News Service Canada
WINNIPEG, November 8 – Canola contracts on the ICE Futures Canada platform were chopping around unchanged at 10:40 CST on Wednesday, taking some strength from gains in the vegetable oil market.
Advances in U.S. soybeans added to the upside amid steady global demand for oilseeds.
Traders weren’t pushing the market too hard in either direction. Everyone is waiting to see if the USDA raises or lower the U.S. soybean yield in tomorrow’s supply and demand report.
The January contract seems to have found some technical support at the US$520 level.
However, rain in northern Brazil has helped replenish soil moisture levels in soybean growing fields, which was bearish for canola.
About 11,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST: