By Jade Markus, Commodity News Service Canada
WINNIPEG, March 17 – ICE Canada canola contracts were mostly
stronger in early activity on Thursday, tracking gains in Chicago
Board of Trade (CBOT) soy oil.
Soy oil was stronger Thursday morning, supported by weakness
in the US dollar, as the Federal Reserve reduced the amount of
interest rate hikes it has planned for this year.
Malaysian palm oil closed stronger overnight, which also
provided spill over support.
Strong commercial demand throughout the week further propped
up prices.
But hesitation from the Fed drove the Canadian dollar higher,
which limited gains in canola on Thursday by making the commodity
less appealing to foreign buyers.
Traders say canola’s bias was to the downside in overnight
trading, and chart resistance could pressure prices throughout the
day.
Traders are still concerned about demand from China, which is
bearish.
About 5,448 canola contracts had traded as of 8:37 CDT.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:37 CDT:
