By Dave Sims, Commodity News Service Canada
WINNIPEG, February 9 – Canola contracts on the ICE Futures Canada platform were mostly stronger at 10:45 CST Monday, enjoying spillover support from US soybeans and Malaysian palm oil.
“Tomorrow we get the USDA monthly crop report numbers so it’s choppy two-sided trade,” said an analyst who noted the March/May spread was already seeing a lot of activity.
A rise in crude oil was helping to support canola indirectly, according to the trader.
The Canadian dollar was also slightly weaker against its American counterpart, which made canola more attractive to crushers and exporters.
However, weakness in soyoil was bearish for values.
The large South American soybean crop also undermined the market.
Around 10,000 contracts had traded as of 10:35 CST, Monday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CST:
