By Dave Sims, Commodity News Service Canada
WINNIPEG, March 23 – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CST Monday, buoyed by advances in the US soy complex.
Malaysian palm oil and European rapeseed futures were also stronger which supported canola.
More technical buying could happen later today, suggested an analyst, who said the canola market was lagging the Chicago soy complex.
However, canola is still being pushed by some traders who were caught in long positions, suggested the analyst.
“Canola is a thin market so they love to push it, that’s how they make profits. But the problem is when they try to get out it’s still a thin market and they will push it against themselves,” said the trader.
The Canadian dollar was stronger against its US counterpart which was bearish for prices.
Around 8,000 contracts had traded as of 10:45 CST, Monday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
