By Dave Sims, Commodity News Service Canada
WINNIPEG, September 29 – Canola contracts on the ICE Futures Canada platform were stronger at 10:40 CDT Tuesday, finding strength in US soy along with commercial buying.
“We’re hanging in there pretty good. Steady commercial buying continues to support prices,” said a trader. He adds volumes have been good and there is steady interest in the near-term November contract.
The Canadian dollar was slightly weaker relative to its US counterpart which made canola more attractive to out-of-country buyers.
Malaysian palm oil was stronger and the bias is firmly tilted to the upside.
However, farmer selling put some pressure on prices while favorable weather conditions continue to aid harvest efforts.
There are ideas canola is pricing itself out of the market, according to a report.
Around 18,600 contracts had traded as of 10:40 CDT,
Tuesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
