By Dave Sims, Commodity News Service Canada
WINNIPEG, March 17 – Canola contracts on the ICE Futures Canada platform were mixed at 10:35 CDT on Thursday, as action in the Canadian dollar overwhelmed spillover gains in vegetable oil.
The Canadian dollar was up eight tenths of a cent relative to its US counterpart which made canola less enticing to out-of-country buyers.
There is speculation demand could be softer in the near future as stricter Chinese dockage allowances come into effect on canola imports.
The massive soybean crop in South America weighed on values.
Read Also
North American Grain/Oilseed Review: Canola falls back, wheat rises
Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange retreated further on Tuesday despite entering positive territory for…
However, Chicago Board of Trade soyoil, Malaysian palm oil and European rapeseed futures were all stronger which underpinned the market. Gains in Chicago soybeans and crude oil helped prop up values.
“There is still some room to the upside, but it is limited,” said a Winnipeg-based analyst, who pegged the next resistance at C$475.
Commercial demand has been steady which was bullish for values.
About 14,000 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
