By Dave Sims, Commodity News Service Canada
WINNIPEG, March 15 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, taking strength from advances in the US soy complex.
Slight gains in Malaysian palm oil and European rapeseed futures contributed to the upside.
Ideas that canola stocks are tightening helped underpin the market.
However, the Canadian dollar was slightly higher relative to its US counterpart, which made canola less attractive to domestic crushers and international buyers.
Large supplies of South American soybeans are flowing onto the market, which was bearish.
The US Federal Reserve is expected to make an announcement on interest rates later today, which has placed an element of caution in the market, according to a report.
The technical bias is pointed downward.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:55 CDT:
