By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 8 (CNS Canada) – ICE Canada canola contracts were up Tuesday morning, as a rally in Chicago Board of Trade soybeans and soyoil provided some support.
Malaysian palm oil and European rapeseed futures were also up overnight, as world demand for vegetable oil remains strong.
Ideas that the recent losses in canola were overdone contributed to the early bounce in canola, according to participants.
Concerns over unharvested acres in Western Canada remained supportive as well, although improving weather conditions should be allowing for some harvest progress this week.
The US Presidential election is at the forefront of all the financial and commodity markets on Tuesday, keeping some caution in the grains and oilseeds. Positioning ahead of Wednesday’s USDA supply/demand report was another feature.
About 5,000 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded.
