By Dave Sims, Commodity News Service Canada
WINNIPEG, October 10 – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:40 CDT on Tuesday, taking strength from weather delays in the Canadian harvest and gains in US soybeans.
Speculative buying was a feature of the morning as canola looks locked into sideways trade.
“South America over the next few weeks will quickly emerge as the key to where we go from here,” said a trader in Winnipeg. “Depending on how good or bad a start they end up having in their crop.”
Markets in Canada were closed Monday for Thanksgiving.
However, losses in vegetable oil capped the upside.
The Canadian dollar was higher, relative to its US counterpart, which made canola less attractive to out-of-country buyers.
About 15,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
