By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 1 – The ICE Futures Canada canola market was stronger at midday Wednesday, following the gains seen in the Chicago soy complex.
Strength in Malaysian palm oil was also supportive, as was some chart-based buying, market watchers added.
The need to keep weather premiums in the market ahead of spring seeding in both the US and Western Canada kept a firm floor under prices.
However, the upswing in the value of the Canadian dollar limited the gains, as it made canola less attractive to crushers and exporters.
The large global supply situation, as South America’s bean crop is looking good and US acreage is expected to be record large, also undermined values.
As of 10:38 CDT Wednesday, about 9,200 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:38 CDT:
