By Terryn Shiells, Commodity News Service Canada
Winnipeg, Feb. 10 – Canola contracts on the ICE Futures Canada platform were firmer Monday morning, following the advances seen in Chicago soyoil and soybean futures, analysts said.
Canola also found some spillover support from the gains seen in Malaysian palm oil and European rapeseed futures overnight.
The downswing in the value of the Canadian dollar also helped generate some of the upward price action, as it made canola more attractive to crushers and exporters.
Continued ideas that canola is undervalued compared to other oilseeds kept a firm floor under the market.
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However, continued slow movement of canola out of Western Canada and large stocks of the crop tempered the advances.
The technical bias is now pointed to the downside in canola, which will also serve to limit any rallies, brokers added.
As of 8:43 CST Monday, about 5,100 contracts had traded. Positioning ahead of this morning’s USDA report, due out at 11:00 CST, was a feature of the activity.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Friday.
Prices in Canadian dollars per metric ton at 8:43 CST:
