By Terryn Shiells, Commodity News Service Canada
WINNIPEG, March 30 – Canola futures on the ICE Canada trading platform were firmer at midsession Monday, taking some direction from the stronger Chicago soybean and soyoil markets.
Further spillover support came from the overnight advances seen in Malaysian palm oil and European rapeseed futures, traders said.
The downswing in the value of the Canadian dollar added to the bullish tone, as it made canola more attractive to crushers and exporters.
Steady commercial demand and the need to keep weather premiums in the market ahead of spring seeding kept a firm floor under the market.
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However, some selling was seen at the highs, as the market’s technical bias is now shifting lower, according to analysts.
The large global oilseed supply situation was also overhanging canola values.
Activity was on the quiet side, as traders were squaring positions ahead of Tuesday’s USDA planting projections and stocks report.
As of 10:32 CDT Monday, about 7,100 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:32 CDT:
