By Dave Sims, Commodity News Service Canada
WINNIPEG, October 23 – Canola contracts on the ICE Futures Canada platform were stronger at 10:37 CDT on Monday, following gains in the U.S. soy complex.
Canola is going through some technical adjustments right now, said a trader in Winnipeg.
“Canola is becoming less expensive (relative to other oilseeds) even though it’s going up,” he added.
The market is still enjoying some strength from last week’s news that the U.S. Environmental Protection Agency won’t be lowering bio-fuel requirements.
Gains in Malaysian palm oil were supportive for the market.
Harvesting conditions across the Prairies and parts of the U.S. Midwest are improving, which was bearish.
About 18,000 canola contracts had traded as of 10:37 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:37 CDT:
