By Dave Sims, Commodity News Service Canada
WINNIPEG, April 13 (CNS) – Canola contracts on the ICE Futures Canada platform were softer at midday Friday, as strength in the Canadian dollar pressured the market.
Canola was also feeling some technical resistance, according to a Winnipeg-based analyst.
“The overhead resistance remains formidable when nearby canola futures get up in that C$530 to C$540 range, and we haven’t been able to break above that for three years,” he said.
There are ideas some corn acres in the United States could be switched to soybeans.
However, gains in U.S. soybeans were supportive for canola.
Recent Chinese buying helped prop up prices.
About 8,600 canola contracts had traded as of 10:45 CDT.
Prices in Canadian dollars per metric ton at 10:45 CDT:
