By Dave Sims, Commodity News Service Canada
WINNIPEG, March 5 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at midday Monday, due to weakness in the Canadian currency.
Gains in U.S. soybeans and soyoil added to the upside.
Concerns over dry conditions in Argentina were supportive.
The most-active May contract punched through technical resistance and could be poised to move higher.
However, the rally that took place in soymeal during late February appears to have run out of steam.
“Soymeal’s done its thing, it’s behind us now,” said a trader in Winnipeg.
Canola exports remain sluggish.
About 14,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
