By Dave Sims, Commodity News Service Canada
WINNIPEG, March 16 – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CDT on Wednesday, as a lack of selling and strong technical signals pushed prices higher.
Malaysian palm oil, crude oil, CBOT soyoil and most global financial markets were higher which boosted values.
“I don’t think the farmer is actively selling anything right now so that is helping support the market,” said a Winnipeg-based trader.
Dryness in parts of Western Canada isn’t too much of a concern yet, he added. But it will be watched with growing scrutiny in the days to come.
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“Spread volumes are quiet so if you need to buy it you gotta pay higher because there’s not a lot of selling in here,” the trader added.
However, the looming South American soybean crop cast a bearish tone over the market.
Volumes are relatively quiet.
European rapeseed futures and Chicago soybeans were lower which weighed on values.
About 6,500 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
