By Dave Sims, Commodity News Service Canada
WINNIPEG, August 27 – ICE Canada canola contracts corrected higher Thursday morning while taking strength from the US soy complex.
Many financial markets are stronger this morning as they recover steep losses suffered during China’s financial meltdown earlier this week.
Malaysian palm oil, European rapeseed futures and crude oil were all higher this morning which added to the upside.
However, the Canadian dollar was higher relative to its US counterpart which made canola less attractive to international buyers.
Many participants consider canola somewhat expensive compared to other vegetable oils.
Today’s rally could be seen as a selling opportunity by traders, an analyst said.
About 3,500 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:
Price Change
Canola Nov 473.00 up 3.50
Jan 477.60 up 3.40
Mar 480.40 up 3.80
Milling Wheat Oct 226.00 unch
Dec 226.00 unch
Durum Oct 335.00 unch
Dec 335.00 unch
Barley Oct 191.90 unch
Dec 191.90 unch
