ICE canola up slightly, following CBOT soyoil

By Terryn Shiells, Commodity News Service Canada

Winnipeg, April 13 – The ICE Futures Canada canola market was slightly higher Monday morning, following the advances seen in Chicago soyoil futures.

Further spillover support came from the stronger tone seen in Chicago soybean and European rapeseed futures.

A slightly softer Canadian currency added to the bullish tone, as did some technical based buying, brokers noted.

Slow farmer selling in Western Canada and the need to keep weather premiums built into new crop prices were also supportive.

However, the ample global oilseed supply situation, as South America’s record large soybean crop is now moving onto the world market, limited the advances.

Any gains in canola may also be seen as a good selling opportunity, as the technical bias for the futures remains pointed lower, according to analysts.

As of 8:41 CDT Monday, about 1,395 contracts had traded.

Milling wheat, durum and barley futures were untraded and unchanged.

Prices in Canadian dollars per metric ton at 8:41 CDT:

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