By Dave Sims, Commodity News Service Canada
WINNIPEG, March 20 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday in speculative buying.
The market also seemed to be undergoing a bit of a correction in the wake of yesterday’s losses.
The Canadian dollar is still well below the 77 U.S. cent mark, which made canola more attractive to domestic crushers and foreign buyers.
Gains in U.S. soybeans and Malaysian palm oil futures lent support to prices.
However, losses in U.S. soyoil limited the gains.
Expectations of a large canola crop this year weighed on values.
About 4,900 canola contracts had traded as of 10:45 CDT.
Prices in Canadian dollars per metric ton at 10:45 CDT:
