By Dave Sims, Commodity News Service Canada
WINNIPEG, August 8 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CDT on Tuesday, tracking gains in vegetable oil and US soybeans.
Although scattered rains fell in Western Canada over the weekend, many canola fields still need more moisture.
Global demand for oilseeds remains strong. China’s record soybean imports in July underlines that trend.
According to a Winnipeg-based trader, large funds could re-enter the market if the November contract surpasses the C$513 mark.
However, steady soybean exports from South America undermined values.
There aren’t likely to be any major swings in price ahead of Thursday’s USDA supply and demand report.
About 5,600 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT:
