By Dave Sims, Commodity News Service Canada
WINNIPEG–ICE Canada canola contracts were mostly higher Thursday morning on choppy trade, in sympathy with Chicago soybeans and enjoying marked support from soyoil.
Malaysian palm oil and European rapeseed futures were both stronger which helped underpin values, traders said.
The technical bias is to the upside after values failed to follow through on Monday’s sell signal, according to a report.
Concerns are also growing about the potential impact dry weather is having on the crop in South America.
However, strength in the Canadian dollar weighed on values as it made canola less attractive to crushers and buyers on the international market.
There are ideas canola is too expensive relative to soy, an analyst said.
Values are also approaching key resistance figures on the price charts, according to a report.
About 4,200 canola contracts had traded as of 8:32 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:32 CST:
