By Terryn Shiells, Commodity News Service Canada
WINNIPEG, March 10 – Canola futures on the ICE Canada trading platform were firmer Tuesday, seeing some short covering ahead of the USDA’s monthly report, due out at 11:00 CDT.
The downswing in the value of the Canadian dollar was also supportive, as it made canola more attractive to crushers and exporters.
Steady commercial demand and talk that China was buying Canadian canola last week added to the bullish tone.
However, spillover pressure from the declines seen in Chicago soybean, soyoil, Malaysian palm oil and European rapeseed futures, limited the advances.
The record large South American soybean crop was also overhanging the market.
Trade volumes were on the light side, causing activity to be more erratic than normal, brokers said. As of 10:16 CDT Tuesday, about 6,460 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:16 CDT:
