By Jade Markus, Commodity News Service Canada
WINNIPEG, March 22 – ICE Canada canola contracts were stronger Tuesday morning, as the market pushed above a nearby resistance level, which encouraged buying.
Spill over support from Chicago Board of Trade soy oil and Malaysian palm oil were also bullish for canola.
Traders have put a weather premium into the canola market, which further supported prices.
Slight gains in the Canadian dollar limited advances on Tuesday, by making canola less appealing to foreign buyers, especially as the loonie has held on to the strength it gathered against its US counterpart last week.
Traders are still concerned about demand from China, which also capped gains.
About 4,112 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:
