By Dave Sims, Commodity News Service Canada
WINNIPEG, October 5 – ICE Canada canola contracts were higher Monday morning, taking strength from widespread gains in the vegetable oil market. US soyoil, Malaysian palm oil and European rapeseed futures were all higher to start the day.
Values were still receiving support from Friday’s Statistics Canada canola production estimate which came in at the low end of expectations.
Spillover buying from other commodities was also a feature of the activity, according to a report.
Wet, cool weather blew across most of the Prairies over the weekend delaying what’s left of the harvest.
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Traders are unloading supplies at a brisk pace, judging from the recent crush numbers.
However, the Canadian dollar was higher relative to its US counterpart which made canola less attractive to foreign buyers.
So far, yields have been better than expected.
Most traders canola production numbers to keep rising in subsequent reports.
About 2,800 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
