By Dave Sims, Commodity News Service Canada
WINNIPEG, March 14 – Canola contracts on the ICE Futures Canada platform were stronger at 10:35 CDT on Monday, taking strength from CBOT soyoil and action in the Canadian currency.
Commercial demand remains steady while global financial markets firmed, which was bullish.
The Canadian dollar was lower relative to its US counterpart, which made canola more attractive to foreign buyers.
Commercial demand has been steady and CBOT soybeans were also slightly higher.
However, Malaysian palm oil was lower Monday due to slow export demand, according to a report. European rapeseed futures and crude oil were also lower.
One Winnipeg-based trader said the C$470 mark could be the new resistance.
“We’re anticipating in that C$470 area, plus or minus 5 bucks,” he said.
The spreads have also been “swingy”, according to the trader.
There are concerns over new Chinese dockage allowances for canola imports.
About 7,700 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:
