By Terryn Shiells, Commodity News Service Canada
Winnipeg, Feb. 27 – Canola contracts on the ICE Futures Canada platform were higher Thursday morning, following the advances seen in Chicago soybean and soyoil futures, analysts said.
Spillover support also came from the firmer tone seen in European rapeseed futures overnight.
The Canadian dollar was slightly weaker Thursday morning, which also helped to lift canola values as it made the commodity more attractive to crushers.
Continued ideas that canola is undervalued compared to other oilseeds added to the bullish tone.
However, Malaysian palm oil futures were weaker in overnight activity, which helped to limit the advances.
Slow usage of Canada’s canola supplies, due to ongoing logistics issues in Western Canada, continued to overhang the market.
As of 8:45 CST Thursday, about 5,250 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:45 CST:
