By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 29 (CNS Canada) – ICE Canada canola contracts were stronger Tuesday morning, seeing some follow-through buying interest after Monday’s gains.
Continued strength in Malaysian palm oil remained a driving force in the world vegetable oil markets, underpinning canola as well, according to participants.
Supportive technical signals, a slightly softer tone in the Canadian dollar, and solid end user demand provided further support.
On the other side, ongoing concerns over tightening Chinese import standards were still overhanging the market. The advancing South American soybean harvest was another bearish feature, while traders were also positioning themselves ahead of the USDA’s prospective plantings and quarterly stocks reports on March 31.
About 5,000 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
