By Dave Sims, Commodity News Service Canada
WINNIPEG, November 10 – Canola contracts on the ICE Futures Canada platform were slightly higher in choppy trade at 10:37 CST on Friday.
Gains in Chicago Board of Trade soybeans were supportive for the market.
Despite yesterday’s USDA report, which was bearish for oilseeds, the underlying fundamentals of canola still look strong from a demand perspective, according to a Winnipeg-based analyst.
Crush margins have improved in recent days.
However, the front-month January contract momentarily sunk below C$515 per tonne this morning. Some analysts have said the market could plunge another C$10 if canola shows signs of wanting to settle under that mark.
Growing conditions for soybeans in Brazil have improved in recent days, which was bearish for canola.
About 7,000 canola contracts had traded as of 10:37 CST.
Prices in Canadian dollars per metric ton at 10:37 CST:
