By Dave Sims, Commodity News Service Canada
WINNIPEG, April 20 – ICE Canada canola contracts were bouncing around unchanged in volatile trade Monday morning but the bias was turning higher as the market took strength from advances in the US soy complex.
The Canadian dollar was slightly weaker compared to its US counterpart which made canola more attractive to buyers on the international market.
Farmer selling is limited right now as growers focus on spring fieldwork, said an analyst.
Malaysian palm oil, European rapeseed futures and soy oil were all slightly firmer which lent strength to the market.
However, the large harvest underway in South America was bearish for values while US soy acreage is expected to be record large which limited the gains.
There are ideas the planting intentions report from Statistics Canada, due out Thursday, will show large canola acreage.
About 2,400 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
