By Dave Sims, Commodity News Service Canada
WINNIPEG, March 30 – ICE Canada canola contracts were higher in light-volume trading Monday morning, following US soybeans ahead of tomorrow’s USDA prospective plantings report.
Malaysian palm oil, European rapeseed futures and US soyoil were all stronger which gave support to values.
Growing conditions in Western Canada are considered dry which has put a weather premium into the market, according to analysts.
The Canadian dollar was lower against its American counterpart which made canola more attractive to domestic crushers and exporters.
However, the technical bias has shifted to the downside in anticipation of tomorrow’s report, said a trader, adding commercial demand is also expected to weaken due to the ongoing South American harvest.
About 1,400 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
