By Terryn Shiells, Commodity News Service Canada
WINNIPEG, March 6 – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CST Thursday, lifted by the advances seen in Chicago soybean and soyoil futures.
Spillover support also came from the gains seen in Malaysian palm oil and European rapeseed futures overnight, analysts said.
Chart-based buying, as the technical bias in the market has shifted higher after prices broke through key resistance earlier in the week, added to the bullish tone.
However, the upswing in the value of the Canadian dollar helped to limit the advances.
Profit taking and a pickup in farmer selling, as new crop values are starting to look more attractive, also put downward pressure on canola prices.
As of 10:45 CST Thursday, about 12,250 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
