ICE Canola Corrects Higher
By Dave Sims, Commodity News Service Canada
WINNIPEG, July 28 – ICE Canada canola contracts corrected higher Tuesday morning, after values crashed through key support levels on Monday.
The US soy complex and European rapeseed futures were both higher which helped to underpin the market.
Ideas that the market is oversold could lend itself to bargain hunting, an analyst said.
Rain fell on parts of southern Manitoba Tuesday morning which wasn’t needed as some areas already have a bit too much moisture, a farmer noted.
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However, the Canadian dollar was higher relative to its US counterpart which made canola less attractive to out-of-country buyers.
Rain in Saskatchewan was expected to help the drought-stressed canola crop, according to a report.
The technical bias is still leaning to the downside, an analyst said.
There is talk that demand for vegetable oil could be receding due to the faltering Chinese economy.
Malaysian palm oil was lower which limited the gains.
About 3,200 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
