By Jade Markus, Commodity News Service Canada
WINNIPEG, March 16 – ICE Canada canola contracts were stronger in early activity on Wednesday, supported by strong commercial demand.
Traders say canola’s technical bias is to the upside, which was another supportive feature on Wednesday.
The Canadian dollar was sluggish, but slightly weaker, in early activity ahead of a US Federal Reserve announcement.
A lower loonie makes canola more appealing to foreign buyers.
But losses in Chicago Board of Trade (CBOT) soy oil tempered gains, especially as analysts say canola is likely to see spill over selling today.
Also on the downside, Malaysian palm oil closed weaker overnight.
About 1,469 canola contracts had traded as of 8:30 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CDT:
