By Dave Sims, Commodity News Service Canada
WINNIPEG, October 26 – Canola contracts on the ICE Futures Canada platform were stronger at 10:38 CDT on Thursday, tracking gains in vegetable oil markets.
Weakness in the Canadian currency was bullish for canola. The dollar has fallen below 78 US cents, which made canola more attractive to domestic crushers and foreign buyers
The technical bias is pointed higher.
While some rain has fallen in northern Brazil more precipitation is needed to alleviate excess dryness.
However, there continues to be a lot of canola in the supply chain, which weighed on prices.
The January contract is feeling some technical resistance at the C$520 per tonne mark.
About 15,000 canola contracts had traded as of 10:38 CDT.
ICE Futures Canada’s board of directors officially approved the delisting of the milling wheat, durum, and barley futures effective
today, October 26. The wheat and durum contracts never saw much activity since being introduced in 2012, while the barley futures
have also had no open interest since 2016.
Prices in Canadian dollars per metric ton at 10:38 CDT:
