By Dave Sims, Commodity News Service Canada
WINNIPEG, April 14 – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:40 CDT Tuesday, in sympathy with the US soy complex.
Malaysian palm oil was slightly higher which helped to underpin the market, according to a report.
One analyst noted canola was still locked in a tight range over the past few days.
“Commercials and specs are starting to roll their positions forward as we get into April. Farmers are still pretty quiet, sitting on his hands waiting to start seeding,” he said.
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However, the Canadian dollar was stronger relative to its US counterpart which was bearish for canola as it made it tougher to sell on the international stage.
“That’s got the crush margins reeling a little bit even though we have a nice rally in the soybean complex,” said the analyst who added there were active spreads in the May and July contracts.
The key support level on canola’s price chart appears to have held, according to a report.
Around 9,500 contracts had traded as of 10:40 CDT, Tuesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
