By Dave Sims, Commodity News Service Canada
WINNIPEG, March 20 – Canola contracts on the ICE Futures Canada platform were higher at 10:45 CDT on Monday, taking strength from gains in Chicago Board of Trade soyoil.
Losses in the Canadian dollar added to the upside, as it made canola more enticing to out-of-country buyers.
Slight gains in CBOT soybeans were supportive for the market.
“Funds are thought to be short in the market for canola,” said a trader in Winnipeg.
Slow farmer-selling underpinned prices.
However, losses in Malaysian palm oil futures were bearish for prices.
Large soybean supplies coming out of South America weighed on the market.
About 7,500 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT: