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ICE Canola Rises with Action in CDN Currency

Winnipeg, March 5 (CNS Canada), Mar 05, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

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:

                          Price      Change
Canola            May     530.30    up  3.20
                  Jul     534.20    up  2.40
                  Nov     519.00    up  1.60

Dave Sims, Commodity News Service Canada

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