By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 28 – The ICE Futures Canada canola market was slightly higher Tuesday morning, following the gains seen in Chicago soybeans, analysts said.
Some spillover support also came from the advances seen in European rapeseed futures overnight.
Continued slow farmer selling and the need to keep weather premiums in the market in case something goes wrong with the 2015/16 Canadian canola crop were also bullish.
Some traders are also concerned that the latest Statistics Canada acreage figure of 19.4 million acres of canola won’t be large enough to meet demand. Though, it’s still possible that canola acreage will be higher as the survey occurred before seeding was underway.
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Weakness in Malaysian palm oil and Chicago soyoil futures put some downward pressure on values, as did the large global oilseed supply situation.
Strength in the Canadian dollar was bearish as well, as it made canola more expensive to crushers and foreign buyers.
As of 8:43 CDT Tuesday, about 1,250 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
