By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 14 – Canola contracts on the ICE Futures Canada platform were narrowly mixed Tuesday morning, as the market was consolidating after falling to fresh contract lows on Monday, analysts said.
The downswing in the value of the Canadian dollar was bullish, as it made canola more attractive to crushers and exporters.
Some spillover support also came from the advances seen in Chicago soybean and European rapeseed futures in overnight and early activity.
Canola values were also underpinned by oversold price sentiment and ideas that it is undervalued compared to other oilseeds.
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On the other side, spillover pressure from the losses seen in Malaysian palm oil futures overnight was bearish, as was the softer tone in Chicago soyoil values.
Worries about the backlogged Canadian grain handling system and the resulting large carryout stocks of canola also undermined values.
As of 8:37 CST Tuesday, about 4,295 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to barley and wheat after the close on Monday.
Prices in Canadian dollars per metric ton at 8:37 CST:
