By Dave Sims, Commodity News Service Canada
WINNIPEG, December 4 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CST on Monday, tracking gains in U.S. soybeans.
Speculative buying was a feature as traders take positions ahead of Wednesday’s production estimates from Statistics Canada.
Many areas of South America could still use more rain, which lent support to values.
Global demand for oilseeds remains strong.
However, losses in U.S. soyoil and Malaysian palm oil were bearish for values.
The Canadian dollar rose sharply on Friday, relative to its U.S. counterpart, which continues to drag on canola prices.
About 9,400 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
