By Terryn Shiells, Commodity News Service Canada
WINNIPEG, March 17 – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:45 CDT Monday, lifted by continued speculative based buying, as canola has been relatively cheap compared to other oilseeds recently.
Short covering and possible crusher booking added to the bullish tone, said a broker.
Ideas that logistics problems across the Prairies are starting to improve further underpinned values, as did talk that the short term technical bias has shifted higher.
But, steady farmer selling throughout the recent rally helped to limit the advances, analysts said.
The upswing in the value of the Canadian dollar and weakness in outside oilseeds, including Chicago soyoil, Malaysian palm oil and European rapeseed futures, were also bearish.
As of 10:45 CDT Monday, about 10,500 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Friday.
