By Dave Sims, Commodity News Service Canada
WINNIPEG, January 22 (CNS) – Canola contracts on the ICE Futures Canada platform were correcting lower at 10:35 CST on Monday, in the wake of last week’s gains.
Improving weather conditions in South America added to the downside.
Canola is starting to look expensive relative to other oilseeds.
Recent strength in the Canadian dollar was bearish for canola.
However, gains in the U.S. soy complex lent support to the market.
Commercial demand is improving and the short-term technical bias is pointed higher.
About 7,500 canola contracts had traded as of 10:35 CST.
Prices in Canadian dollars per metric ton at 10:35 CST:
