By Terryn Shiells, Commodity News Service Canada
WINNIPEG, March 11 – Canola futures on the ICE Canada trading platform were stronger at midsession Wednesday, underpinned by the softening Canadian currency. The weaker Canadian dollar supports crush margins and makes canola more attractive to foreign buyers.
Follow-through buying on Tuesday’s advances and steady commercial demand for Canadian canola were also bullish, analysts said.
Some spillover support also came from the firmer tone seen in the Chicago soy complex, Malaysian palm oil and European rapeseed futures.
However, the large global oilseed supply situation was overhanging the market, as South America’s soybean crop is still expected to be record large.
As of 10:40 CDT Wednesday, about 10,935 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
