By Dave Sims, Commodity News Service Canada
WINNIPEG, November 6 – Canola contracts on the ICE Futures Canada platform were stronger at 10:40 CST on Monday, taking strength from gains in the United States soy complex.
The United States Department of Agriculture is scheduled to release its supply and demand report on Thursday and some traders have already started taking positions. There are some ideas the department could adjust its yield estimate for soybeans.
The technical bias is pointed higher.
More rain is needed in northern Brazil to alleviate excess dryness.
However, farmers in Alberta have managed to get off most of the remaining canola, which put a damper on prices.
“I’m amazed they got as much done as Alberta agriculture indicated,” said a trader in Winnipeg.
Losses in Malaysian palm oil dragged on values.
About 3,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
