By Terryn Shiells, Commodity News Service Canada
WINNIPEG, March 18 – Canola contracts on the ICE Futures Canada platform were firmer at 10:44 CDT Tuesday, lifted by spillover support from the advances seen in Chicago soybean futures, analysts said.
The firmer tone in Chicago soyoil values was also supportive for canola, as was continued speculative buying interest.
Further support came from some commercial demand, sparked by reports that logistics issues in Western Canada are starting to improve.
However, a pickup in farmer selling at the highs of the day helped to temper the gains, as prices were looking more attractive for new crop, one broker said.
Weakness seen in outside oilseeds overnight, including Malaysian palm oil and European rapeseed futures, was also bearish.
As of 10:44 CDT Tuesday, about 9,850 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 10:44 CDT:
