By Dave Sims, Commodity News Service Canada
WINNIPEG, May 4 – ICE Canada canola contracts were higher Monday morning, taking strength from gains in US soyoil.
US soybeans were also slightly higher which was supportive, along with advances in European rapeseed futures.
Traders are hesitant to sell aggressively until they get a better sense of how spring planting is going, according to a report. Farmers are also too busy to sell right now as they’re seeding their crops.
Cool weather across the Prairies, especially at night, will likely delay planting efforts in certain areas, said an analyst.
However, strength in the Canadian dollar was bearish, as it made canola less attractive to domestic crushers and exporters.
Malaysian palm oil was lower which dragged on values.
The South American soybean harvest is progressing well which limited the gains.
About 1,350 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
