By Dave Sims, Commodity News Service Canada
WINNIPEG, February 6 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CST on Monday, taking strength from gains in US soy and action in the Canadian currency.
The Canadian dollar was slightly lower relative to its US counterpart, which made canola more attractive to foreign buyers.
Malaysian palm oil was stronger which contributed to the upside.
However, technical resistance and the looming massive crop in South America were bearish for values.
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Canola was lagging gains in the US market, a trader in Winnipeg noted.
“Probably because of last week’s stocks (from Statistics Canada) report,” he said. It came in where many people were guessing but it still raises a question mark with stocks being down that much from last year.”
Last week’s report estimated canola stocks at roughly 12.2 million tonnes, as of December 31, which was down by about 1.3 million from the same point the previous year.
About 10,500 canola contracts had traded as of 10:40 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CST:
