By Dave Sims, Commodity News Service Canada
WINNIPEG, March 9 – ICE Canada canola contracts were slightly higher Wednesday morning taking strength from Chicago Board of Trade soyoil.
Dry weather in key parts of Asia continues to push Malaysian palm oil futures higher, which was supportive for canola.
Commercial buying has been steady and traders have started putting some weather premiums into the market ahead of the growing season, according to a report.
Investors were likely positioning themselves ahead of today’s Bank of Canada statement on interest rates and the USDA monthly supply and demand report.
On the bearish side of things the swiftly advancing US soybean harvest put pressure on the market.
European rapeseed futures were lower which limited the advances.
There is speculation Chinese demand for canola could be growing lackluster.
About 2,200 canola contracts had traded as of 8:55 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CST:
