By Dave Sims, Commodity News Service Canada
WINNIPEG, April 9 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly higher at midday Monday, due to speculative buying.
“They (speculators) will keep pushing until they get enough resistance to turn and go the other way,” said a trader in Winnipeg.
He added it remains to be seen whether canola can maintain the lofty position it’s currently in, but the market is showing a lot of independent strength.
Gains in U.S. soybeans were also supportive for the market.
However, losses in U.S. soyoil and strength in the Canadian dollar were bearish for values.
Crush margins are the lowest they’ve been for months.
About 11,000 canola contracts had traded as of 10:45 CDT.
Prices in Canadian dollars per metric ton at 10:45 CDT:
