By Dave Sims, Commodity News Service Canada
WINNIPEG, December 29 (CNS) – Canola contracts on the ICE Futures Canada platform were correcting higher at 10:35 CST on Thursday, tracking gains in United States soyoil.
Slow farmer selling across Western Canada was supportive for prices.
Global demand for oilseeds remains strong and some speculative buying was at play.
There were also ideas the market was oversold.
However, improving weather in Argentina was bearish for prices.
The Canadian dollar was slightly higher, relative to its U.S. counterpart, which made canola less attractive to out-of-country buyers.
About 7,000 canola contracts had traded as of 10:35 CST.
Prices in Canadian dollars per metric ton at 10:35 CST:
