By Dave Sims, Commodity News Service Canada
WINNIPEG, April 1 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Friday, taking direction from action in the Canadian dollar and vegetable oil.
Malaysian palm oil rose for the third consecutive day. European rapeseed futures and Chicago Board of Trade soyoil were also stronger.
The Canadian dollar was close to half a cent lower than its US counterpart, which made canola more desirable to out-of-country buyers.
However, farmer selling was slowing down which helped limit the losses, according to an analyst in Winnipeg.
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“Producers have turned the tap off…probably won’t see a lot of farmer selling until the crop actually comes up more,” he said.
Commercial buying was steady.
Parts of Western Canada are too dry which was supportive for the market.
However, canola has run into some technical resistance on the charts which limited the gains, according to a report.
Declines in crude oil were bearish.
Large global supplies of soybeans also weighed on values.
About 14,200 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:
