By Brandon Logan, Commodity News Service Canada
WINNIPEG, Jan. 29 – Canola contracts on the ICE Futures
Canada platform were slightly stronger at 10:38 CST Wednesday,
as trading was choppy for most of the morning, participants
said.
Canola was supported by spillover from the slight gains
seen in CBOT soyoil, traders said, before noting that a weak
Canadian dollar was also bullish for the market.
Ideas that canola is oversold and cheap in comparison to
other oilseeds also strengthened canola’s value.
However, large losses seen in CBOT soybeans and soymeal
limited any further gains, analysts said. Continued logistical
concerns about moving the record large Canadian crop out of the
Prairies were bearish as well.
About 13,400 canola contracts had traded as of 10:38 CST.
Milling wheat, durum and barley futures were untraded
following price revisions to wheat after the close on Tuesday.
Prices in Canadian dollars per metric ton at 10:38 CST:
