By Dave Sims, Commodity News Service Canada
Winnipeg, August 28 – THE ICE Futures Canada canola market ended higher to start the week propped up by slow farmer selling and technical trading.
“We have corrected a little bit with values in relationship to the soybean complex,” said a trader in Winnipeg.
Traders were positioning themselves ahead of Thursday’s production estimates by Statistics Canada.
The most-active November contract received technical support at the key C$500 per tonne level.
Commercial buying was a feature, according to the trader.
However, losses in Chicago Board of Trade soybeans and Malaysian palm oil were bearish for values.
Recent strength in the Canadian currency has made canola less attractive on the international market.
Hurricane Harvey is expected to generate rain for parts of the Midwest, which should help the soybean crop.
Around 17,138 canola contracts were traded on Monday, which compares with Friday when around 20,838 contracts changed hands. Spreading accounted for 8,820 of the contracts traded.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
