By Dave Sims, Commodity News Service Canada
WINNIPEG, June 13, 2016 – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CDT on Monday, taking strength from gains in US soybeans and some speculative buying.
There are ideas that European rapeseed supplies are on the smallish side, which was supportive for canola, a trader said.
The recent USDA report for soybeans was also bullish for the market.
However, losses in the vegetable oil market weighed down values.
Farmer selling is slowly winding into gear as farmers are done seeding and there are relatively high prices to take advantage of.
The market seems locked into a sideways range as traders wait for weather issues to develop.
About 11,200 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were untraded and unchanged.
