By Dave Sims, Commodity News Service Canada
WINNIPEG, December 19 (CNS) – Canola contracts on the ICE Futures Canada platform corrected higher at 10:38 CST on Tuesday, following recent declines.
Gains in U.S. soyoil were supportive for the market.
The Canadian dollar was slightly lower, relative to its U.S. counterpart, which made canola more attractive to foreign buyers.
There are ideas the market is oversold.
However, losses in U.S. soybeans and Malaysian palm oil futures undermined prices.
Canola continued to feel pressure from yesterday’s Agriculture and Agri-Food Canada report, which hiked the estimate for canola stockpiles to two million tonnes. That compares to the previous estimate of one million.
About 12,000 canola contracts had traded as of 10:38 CST.
Prices in Canadian dollars per metric ton at 10:38 CST:
