By Brandon Logan, Commodity News Service Canada
WINNIPEG, Jan. 28 – Canola contracts on the ICE Futures
Canada platform were stronger at 10:36 CST Tuesday, underpinned
by gains seen in CBOT soyoil, participants said.
A large decline seen in the value of the Canadian dollar
was also supportive of prices, as the loonie fell below the 90
US cent mark to its lowest level since July 2009.
Ideas that canola is oversold and cheap in comparison to
other oilseeds were also bullish for values, brokers said.
However, losses seen in CBOT soybean and soymeal did limit
canola’s upside on Tuesday.
Expectations that Brazilian soybean production will be
record high also limited any further gains, as did logistical
concerns moving Canada’s record large canola crop out of the
Prairies, analysts said.
About 7,500 canola contracts had traded as of 10:36 CST.
Milling wheat, durum and barley futures were untraded
following price revisions to wheat and barley after the close on
Monday.
Prices in Canadian dollars per metric ton at 10:36 CST:
