By Dave Sims, Commodity News Service Canada
WINNIPEG, January 23 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CST on Tuesday, following gains in vegetable oil markets.
“We seem to be setting up the potential for a seasonal upswing that we tend to get from March to June,” said an analyst in Winnipeg. “Until then we’re bouncing around C$485 to C$500 (per tonne).”
He adds basis levels are improving.
Dry conditions in Argentine soybean fields were also a source of strength for canola.
However, losses in U.S. soybeans were bearish for canola.
Commercial buying has been lukewarm.
About 6,800 canola contracts had traded as of 10:35 CST.
Prices in Canadian dollars per metric ton at 10:35 CST:
