By Dave Sims, Commodity News Service Canada
WINNIPEG, December 20 (CNS) – Canola contracts on the ICE Futures Canada platform were mostly higher at 10:38 CST on Wednesday, as traders continued to look for bargains in the wake of recent losses.
Gains in U.S. soybeans lent support to the market.
The dominant March contract took some psychological support from the C$500 per tonne mark.
There are ideas the market is still technically oversold.
However, continued rainfall in Argentina was bearish for canola.
Losses in vegetable oil dragged down values.
Traders have begun to square positions ahead of the holiday season.
About 11,500 canola contracts had traded as of 10:38 CST.
Prices in Canadian dollars per metric ton at 10:38 CST:
