By Dave Sims, Commodity News Service Canada
WINNIPEG, April 5 – Canola contracts on the ICE Futures Canada platform were stronger Wednesday morning, tracking steep gains in the vegetable oil market.
Malaysian palm oil futures recorded their biggest gains in three weeks as demand surged due to the upcoming Ramadan holiday. Chicago soyoil, soybeans and European rapeseed futures were also stronger, which lifted canola prices.
Follow-through buying was a feature of the early morning activity, according to a trader.
Canadian canola stocks continue to decrease, which was supportive.
However, the soybean crop in South America continues to grow in official estimates, which was bearish.
The market appears to be settling into a sideways trading pattern, according to an analyst.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:57 CDT:
