ICE Canola Higher With Vegetable Oil
By Dave Sims, Commodity News Service Canada
WINNIPEG, September 21 – ICE Canada canola contracts were higher Monday morning in thin trading, following gains in the vegetable oil markets. Malaysian palm oil, European rapeseed futures and US soy oil were all stronger to start the day.
There are ideas that last week’s selling was overdone and canola could be primed for a bounce higher, according to a report.
Trading is expected to be volatile today as traders wait for fresh news to move the market, an analyst said.
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However, favourable weather conditions across much of Western Canada are expected to aid harvesting efforts.
The Canadian dollar was slightly higher relative to its US counterpart which was bearish for prices.
Farmers are poised to begin selling larger volumes of canola soon, a trader said.
So far, yields have been better than many expected leading to expectations of a larger crop than initially thought.
About 800 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:
