By Dave Sims, Commodity News Service Canada
WINNIPEG, April 6 – ICE Canada canola contracts were little changed in quiet trading Monday morning as activity resumed following the Easter long-weekend.
Some international markets are closed today in observance of Easter Monday.
US soybeans, soymeal and Malaysian palm oil were all weaker which cast spillover pressure onto the market.
The large soybean harvest in South America also weighed on values, according to traders.
However, a lack of soil moisture across much of Western Canada has put a weather premium into the market, said analysts.
The Canadian dollar was also slightly weaker against its US counterpart which made canola more desirable on the international marketplace.
The short-term technical bias has shifted to the upside, according to an analyst.
About 2,200 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
