By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 4 – The ICE Futures Canada canola market was moving sharply higher at midday Monday, following the rally seen in Chicago soyoil futures, analysts said.
Chicago soybeans and European rapeseed futures were also firmer, which was supportive for canola.
Continued slow farmer selling in Western Canada, as they focus on spring field work and seeding, was also bullish.
Traders were also working to keep weather premiums built into the market.
However, strength in the Canadian dollar limited the upside, as it made canola more expensive to international buyers.
The large global oilseed supply situation and generally favourable seeding conditions in North America were also overhanging the market.
As of 10:33 CDT Monday, about 4,160 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:33 CDT:
