By Dave Sims, Commodity News Service Canada
WINNIPEG, April 13 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT Monday, enjoying support from soyoil and a slightly lower Canadian dollar. The weaker Canadian dollar relative to its US counterpart makes canola more attractive on the international marketplace.
One analyst described the market action as being quite weak.
“There’s not too much to get excited about. To expect five or 10 dollars in either direction is probably kind of a stretch,” he said.
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Traders are reluctant to sell right now in case a weather issue develops, a participant said.
Commercial demand remains solid and there are continued concerns about a lack of soil moisture in Western Canada.
European rapeseed futures were slightly firmer which provided some support.
However, losses in US soybeans and soymeal weighed on values.
Large world soybean supplies added to the bearish tone, along with projected record US acreage.
Around 7,000 contracts had traded as of 10:40 CDT, Monday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
