By Dave Sims, Commodity News Service Canada
WINNIPEG, March 21 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at midday Wednesday, taking strength from advances in U.S. soyoil.
Futures appear to be consolidating in the wake of yesterday’s bounce.
There are ideas the Prairies could see a lot of spring moisture this year, which was mildly supportive according to an analyst.
Speculative buying was a feature of the morning’s early activity.
However, the Canadian dollar was nearly three-quarters of a cent higher, relative to its U.S. counterpart, which made canola less attractive to foreign buyers.
The technical bias appears to be pointed lower.
About 7,200 canola contracts had traded as of 10:37 CDT.
Prices in Canadian dollars per metric ton at 10:37 CDT:
