By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 30 – The ICE Futures Canada canola market was stronger Thursday morning, following the advances seen in the Chicago soy complex, analysts said.
Some spillover support also came from the gains seen in Malaysian palm oil futures overnight.
The downswing in the value of the Canadian dollar added to the bullish tone, as it made canola less expensive to foreign buyers.
Continued slow farmer selling in Western Canada and the need to keep a weather premium built into new crop prices further underpinned values.
However, signs that the technical bias in canola has turned lower helped to limit the advances.
The large global oilseed supply situation was also overhanging the market.
As of 8:44 CDT Thursday, about 2,150 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:44 CDT:
