By Dave Sims, Commodity News Service Canada
WINNIPEG, November 24 – Canola contracts on the ICE Futures Canada platform were higher at 10:50 CST Tuesday, taking strength from CBOT soyoil.
CBOT soybeans, Malaysian palm oil and European rapeseed futures were all higher which was supportive for canola.
Speculators are active in the market today and taking some positions off before the US Thanksgiving holiday, a trader said.
Canola continues to receive support at the C$460 per tonne level in the January contract.
Despite recent rains, some soybean fields in Brazil are too dry, which was also supportive.
However, the Canadian dollar was higher relative to its US counterpart which made canola less attractive to international buyers.
The technical bias is to the downside.
Around 13,500 contracts had traded as of 10:50 CST,
Tuesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CST:
