By Dave Sims, Commodity News Service Canada
WINNIPEG, March 2 – Canola contracts on the ICE Futures Canada platform were stronger at 10:40 CST Monday, as gains in soyoil helped push values higher, according to an analyst.
“Canola is still well supported here by the rally in bean oil that we’ve seen,” said the analyst.
A weaker Canadian dollar was also bullish for prices, as it made canola more desirable to crushers and exporters.
European rapeseed futures were also stronger which lent support to the market.
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A trucking dispute in Brazil has caused disruptions to the supply chain down there, which underpinned the market.
However, losses in soybeans, Malaysian palm oil and soymeal were bearish for canola and limited the gains.
The weather in South America is said to be generally favorable for the crops in Argentina and Brazil, which are just coming onto the market now.
Canola is approaching some key resistance points on the price chart, according to a report.
Around 16,500 contracts had traded as of 10:40 CST, Monday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
Price Change
Canola May 470.90 up 1.60
Jul 471.10 up 1.20
Nov 459.70 up 1.00
Milling Wheat May 230.00 unch
Jul 233.00 unch
Durum May 323.00 unch
Jul 313.00 unch
Jul 184.00 unch
