By Dave Sims, Commodity News Service Canada
WINNIPEG, April 28 – Canola contracts on the ICE Futures Canada platform were slightly higher at 8:55 CDT on Thursday, taking strength from gains in US soybeans.
Wet weather in the US is delaying soybean planting which was supportive. As well, political unrest in Brazil is hampering forward pricing for that country’s soybean supply.
Dry weather in Western Canada has placed a weather premium into the market.
However, the Canadian dollar was modestly higher relative to its US counterpart which made canola less enticing to international buyers.
Losses in Malaysian palm oil, European rapeseed futures and US soyoil were bearish.
The C$500 per tonne mark has been marked as stiff resistance in the July contract by many traders.
About 4,000 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
