By Dave Sims, Commodity News Service Canada
WINNIPEG, March 15 – Canola contracts on the ICE Futures Canada platform were stronger at 10:40 CDT on Tuesday, taking strength from gains in the vegetable oil market and currency issues.
The Canadian dollar was down two-thirds of a cent relative to its US counterpart, which made canola more attractive to foreign buyers.
Commercial demand has been steady and the bias is tilted to the upside, according to a report.
However, the implementation of new Chinese dockage rules on imports of canola continues to raise concerns about future demand.
Losses in CBOT soybeans weighed on values.
Canola momentarily edged past the C$470 per tonne mark, which some analysts had said was the new resistance.
The massive South American soybean crop is slowly entering the market which was bearish.
About 12,500 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:
