By Jade Markus, Commodity News Service Canada
WINNIPEG, March 15 – ICE Canada canola contracts were stronger
in early activity Tuesday morning, as a weaker loonie supported
prices.
Losses in the Canadian dollar makes canola more appealing to
foreign buyers.
Canola’s technical bias is still to the upside, and commercial
demand remains strong, which is bullish.
However losses in Chicago Board of Trade soy oil limited gains
on Tuesday, and could pressure canola throughout the day as market
watchers say canola is vulnerable to spill over selling from other
markets.
Also on the downside, canola is nearing chart-resistance.
Malaysian palm oil closed weaker overnight.
About 2,741 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
