By Phil Franz-Warkentin, Commodity News Service Canada
April 1, 2015
Winnipeg – ICE Canada canola contracts were stronger Wednesday morning, taking some direction from the overnight gains in the CBOT soy complex.
Malaysian palm oil was also up in overnight activity, which contributed to the firmer tone in canola.
Supportive technical signals and the need to keep some weather premiums in the futures heading into the spring planting season were also underpinning the canola market, according to participants.
On the other side, the Canadian dollar was slightly firmer Wednesday morning, which limited the upside potential in canola.
The large South American soybean harvest and expectations for a big US soybean crop this year also put some pressure on the market.
About 2,300 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:50 CDT:
