By Dave Sims, Commodity News Service Canada
Winnipeg, January 16 – THE ICE Futures Canada canola market settled higher in thin trading on Monday. Canola took strength from gains in vegetable oil and technical trading.
The market received technical support from the C$500 per tonne level.
Some parts of South America are too dry, which underpinned prices.
The Canadian dollar was lower relative to its US counterpart, which made canola more attractive to domestic crushers and foreign buyers.
The bias is pointed to the downside, according to a trader.
Warmer weather in Western Canada this week could prompt an
increase in farm deliveries.
US markets were closed in observance of Martin Luther King Jr. Day.
Milling wheat, barley and durum were untraded.
About 5,667 canola contracts traded on Monday which compares with Friday when 18,306 contracts changed hands. Spreading accounted for about 3,146 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
