By Dave Sims, Commodity News Service Canada
WINNIPEG, October 6 – Canola contracts on the ICE Futures Canada platform were higher at 10:43 CDT Monday, after receiving an early bounce from follow-through selling after Friday’s close, and then falling in line with the soy complex.
There are no major, fundamental forces pushing the market right now, said an analyst. “It’s a tough battle for canola to show huge gains but we’re tagging along today,” he said.
While canola is enjoying support from US soy it is actually lagging behind the US market by a few dollars, which is normal, according to the analyst.
Canola also received support from spillover buying in European rapeseed.
Traders will likely be unwilling to push values too far until they get a better handle on what the supply/demand stage looks like, said the analyst.
Strength in the Canadian dollar, and the advancing Canadian harvest, temper the upside.
Around 14,000 contracts had traded as of 10:43 CDT, Monday.
Prices in Canadian dollars per metric ton at 10:43 CDT:
