By Dave Sims, Commodity News Service Canada
WINNIPEG, September 23 – ICE Canada canola contracts were mostly higher Wednesday morning, following gains in the US soy complex.
Malaysian palm oil and European rapeseed futures were both stronger which helped to underpin the market.
The Canadian dollar was slightly lower relative to its US counterpart which made canola more attractive to out-of-country buyers.
Farmer selling has been slower than expected.
China is expected to step up its purchases of oilseeds soon.
However, the prospects for this year’s crop continue to trend upward as more and more favourable yield reports come in.
Favourable weather forecasts for the next week were bearish for values.
There are ideas that canola is expensive relative to other vegetable oils which could result in the loss of some market share, according to a report.
About 2,000 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
