By Dave Sims, Commodity News Service Canada
WINNIPEG, April 19 – Canola contracts on the ICE Futures Canada
platform were higher at 10:40 CDT on Tuesday, taking strength from
gains in vegetable oil and crude oil.
Chicago Board of Trade soybeans and soymeal were also higher
which underpinned the market.
Some parts of Alberta and Saskatchewan are too dry right now
which contributed to the upside.
A Winnipeg-based analyst noted the July contract was above the
200-day moving average which could prompt some technical buying.
However, the Canadian dollar hit its highest point in nine
months which was bearish for the canola market as it cut into exports.
Traders are positioning themselves ahead of Thursday’s
Statistics Canada planting intentions report.
Farmers are steady seller right now as they gather cash ahead
of seeding, a trader said.
About 25,500 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
