By Dave Sims, Commodity News Service Canada
WINNIPEG, April 29 – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CDT Wednesday, as the market shrugged off the bearish influence of a firmer Canadian dollar to follow the US soy complex higher.
“Canola’s absorbing that pressure well and keeping steady. That’s a sign of some strength in canola,” said a trader.
Canola seems to have found price support just under the C$450 a tonne range, said the trader.
Slow farmer selling contributed to the gains along with a weather premium in the market.
However, the Canadian dollar was up roughly half a cent against its US counterpart which made canola less attractive to out-of-country buyers.
The bias in the market is leaning to the downside with futures vulnerable to a plunge downward if price supports are broken.
Weakness in Malaysian palm oil limited the gains.
Around 8,000 contracts had traded as of 10:45 CDT, Wednesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
