By Dave Sims, Commodity News Service Canada
WINNIPEG, November 22 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:35 CST on Wednesday, following gains in U.S. soybeans.
Advances in Malaysian palm oil and European rapeseed futures added to the upside.
Dryness continues to be a problem in several South American soybean-growing areas, which was supportive for canola.
Canola continues to be locked in a range between C$514 to C$520 per tonne.
However, gains in the Canadian dollar made canola less attractive on the international market.
Traders are unlikely to push the market too far one way or the other ahead of the U.S. Thanksgiving holiday.
About 5,200 canola contracts had traded as of 10:35 CST.
Prices in Canadian dollars per metric ton at 10:35 CST: