By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, March 2 – THE ICE Futures Canada canola market finished higher in volatile trading Wednesday. Speculative selling initially took the market to new lows, but traders began to buy back positions on ideas the selling was overdone.
The Canadian dollar was lower relative to its US counterpart, which made canola more attractive to out-of-country buyers.
CBOT soybeans and crude oil were both higher which supported values.
Commercial demand remains steady.
However, losses in the vegetable oil market pressured prices.
The South American harvest continues to speed ahead which helped to undermine values.
The May contract momentarily crashed through its nearby major support level of C$440 per tonne to hit new contract lows.
Around 20,471 canola contracts were traded on Wednesday, which compares with Tuesday when around 17,260 contracts changed hands. Spreading accounted for about 6,636 of the contracts traded.
Milling wheat and durum were both untraded while 125 barley contracts changed hands.
Settlement prices are in Canadian dollars per metric tonne.
