With harvest pressure on canola over, the Canadian oilseed could track higher until spring.
That's according to David Derwin, a commodity futures advisor for Ventum Financial in Winnipeg.
During the week ended Oct. 29, the January canola contract gained C$14 at C$641.50 per tonne.
Derwin said much of that increase came from gains in Chicago soy spilling over into canola.
While Chicago soy has benefited from speculation over today's (Thu) meeting between United States President Donald Trump and Chinese President Xi Jinping, when it comes to canola, Derwin said it’s not necessarily the same for talks between Xi and Canadian Prime Minister Mark Carney.
Derwin expects canola, as well as U.S. soybeans and corn, to continue generally higher through to spring, but he said any downturn in soy will weigh on the others.
