By Dave Sims, Commodity News Service Canada
WINNIPEG, March 18 – ICE Canada canola contracts were higher Wednesday morning, pushed upward by gains in the US soy complex.
The Canadian dollar was also slightly lower in value compared to its American counterpart. This made canola more attractive to overseas buyers.
Gains in Malaysian palm oil and European rapeseed futures were supportive along with a lack of significant farmer selling.
Dry conditions in Western Canada were bullish for prices along with talk that canola-specific dry fertilizer is in short supply.
However, the large crop in South America was bearish as there are ideas commercial buyers are turning to it for their supplies.
The technical bias is shifting to the downside, any bounce could be considered a selling opportunity, according to a trader.
About 3,300 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
