By Terryn Shiells, Commodity News Service Canada
Winnipeg, Feb. 26 – Canola contracts on the ICE Futures Canada platform were stronger Wednesday morning, lifted by follow-through buying on Tuesday’s gains, analysts said.
Spillover support from the gains seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures added to the bullish tone.
The Canadian dollar was also weaker Wednesday morning, which helped to support canola futures.
Continued ideas that canola is undervalued compared to other oilseeds kept a firm floor under the market.
However, spillover pressure from the losses seen in Chicago soybean futures limited the advances.
Ongoing logistics problems that are limiting the usage of Canada’s large canola supplies continued to overhang the market, traders said.
As of 8:44 CST Wednesday, about 4,000 contracts had traded.
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 8:44 CST:
