By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 10 – Canola contracts on the ICE Futures Canada platform were slightly higher Monday morning amid choppy activity ahead of the USDA’s monthly supply and demand report, which will be released at 11:00 CDT.
Spillover support from the gains seen in Malaysian palm oil and European rapeseed futures overnight was bullish for canola, analysts said.
The downswing in the value of the Canadian dollar also underpinned canola futures, as did rumours of fresh export demand.
However, some of the losses seen in Chicago soybean and soyoil futures spilled over to weigh on canola.
A pickup in farmer selling following the market’s recent rally also put downward pressure on prices.
As of 8:47 CDT Monday, about 1,200 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Friday.
Prices in Canadian dollars per metric ton at 8:47 CDT:
