By Phil Franz-Warkentin, Commodity News Service Canada
April 15, 2015
Winnipeg – ICE Canada canola contracts were steady to higher Wednesday morning, as most outside oilseed markets were also up in overnight activity.
CBOT soybeans, Malaysian palm oil, and European rapeseed futures were all firmer on Wednesday.
A weaker tone in the Canadian dollar, which was down by about a quarter of a cent relative to its US counterpart, was also supportive for canola. The weaker currency makes exports more attractive and is also beneficial for crush margins.
Read Also
North American Grain/Oilseed Review: Canola falls, U.S. grains mixed
Canola futures on the Intercontinental Exchange suffered double-digit losses on Thursday after the release of new data from Statistics Canada….
A lack of significant farmer selling, as producers are turning their attention to spring fieldwork, was also noted.
On the other side, the large US soybean crop prospects and good South American production did limit the upside potential in canola, according to participants.
About 6,500 canola contracts had traded as of 8:51 CDT, with the May/July spread a feature as traders continue to roll their positions out of the front month.
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 8:51 CDT:
