By Dave Sims, Commodity News Service Canada
WINNIPEG, April 15 – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CDT Wednesday, taking strength from advances in the US soy complex.
Malaysian palm oil and European rapeseed futures were both firmer which helped to underpin the market, according to a report.
Farmers are reluctant sellers right now due to the looming spring planting season which was bullish for futures.
However the Canadian dollar was sharply stronger against its American counterpart which limited the gains, as it made canola less attractive to outside buyers.
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“Canola might be doing a little better if the Canadian dollar wasn’t so strong,” said a trader, adding canola was lagging behind much of the US action.
US soybean acreage is expected to be record large, which pressured values, while the ongoing South American soybean harvest was also bearish.
Canola is at a price level where technical selling could occur, according to a report.
Around 15,500 contracts had traded as of 10:35 CDT, Wednesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
