By Dave Sims, Commodity News Service Canada
WINNIPEG, September 8 – ICE Canada canola contracts were higher Monday morning, taking strength from gains in the US soy complex.
Malaysian palm oil and European rapeseed futures were both higher which added to the gains.
China has recently begun to buy more soybeans which could be adding to the upside, an analyst said.
Harvest-delaying wet weather in parts of Western Canada was also bullish for prices.
However, the Canadian dollar was stronger relative to its US counterpart which made canola less attractive to buyers overseas.
The technical bias is leaning to the downside which means any sizable move upwards is likely to be viewed as a selling opportunity, according to a report.
The market is expected to be volatile this week in the lead-up to the release of the USDA’s crop estimates on Friday.
About 2,700 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
