By Jade Markus, Commodity News Service Canada
WINNIPEG, March 6 – ICE Canada canola contracts were slightly higher at midday on Monday, despite pressure from outside oilseed markets.
“Canola remains very well-supported on a lot of different fronts, so it’s quite a sturdy little market,” said one Winnipeg-based trader.
He named a softening Canadian dollar as one factor underpinning values, and anticipation about upcoming supplies as another.
Projections for canola are tight looking to the spring, as traders and producers are trying to get a handle on how much of the crop is still in the fields.
However, sharp declines in the Chicago Board of Trade soy oil market limited gains in canola.
Investors are also watching for biofuel news out of the US.
Last week, US ethanol group Renewable Fuels Association said President Donald Trump would be making changes to the country’s Renewable Fuel Standard, which underpinned canola.
However, a White House official denied those claims.
About 12,257 contracts had traded as of 10:49 a.m. CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
