By Dave Sims, Commodity News Service Canada
WINNIPEG, February 12 – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CST Thursday, as large speculative trading pushed canola values higher, said analysts.
Follow-through buying on yesterday’s gains were also lending support to values along with some slight advances in Malaysian palm oil.
The Canadian dollar may be signaling it’s found a low which could be a warning for canola, according to a trader.
“If the dollar has bottomed it will start undermining canola, but the dollar is likely to be back and forth a bit. Still it’s looking like we found a low under the 80 cent mark,” the trader said.
However weakness in the US soy complex and European rapeseed futures limited the gain.
Expectations of a large global supply of soybeans, once the South American harvest is complete, were bearish for canola.
Around 13,500 contracts had traded as of 10:45 CST, Thursday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
