By Dave Sims, Commodity News Service Canada
WINNIPEG, April 17 – Canola contracts on the ICE Futures Canada platform corrected higher at 10:45 CDT Friday, on ideas futures were oversold, after breaking below major support levels yesterday, according to a trader.
“The upside is still limited as the oilseed situation isn’t very strong. There’s not going to be too much upside,” the trader cautioned.
The Canadian dollar was weaker against its US counterpart which contributed to the advances, as it made canola more attractive to domestic crushers and exporters.
US soybeans were higher which also helped boost prices.
However, Malaysian palm oil, European rapeseed futures and soyoil were all weaker which limited the gains.
Canola could see spillover selling today, added a trader.
Around 13,000 contracts had traded as of 10:45 CDT, Friday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
