By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 25, 2014
Winnipeg – ICE Canada canola contracts were holding onto small gains Tuesday morning in choppy, two-sided activity.
Oversold price sentiment accounted for some of the early strength in canola, with the Canadian oilseed still undervalued compared to most other competing crops.
A slightly weaker tone in the Canadian dollar, after it rallied yesterday, was also supportive for canola, according to participants.
However, declines in the CBOT soy complex did put some spillover pressure on canola. Generally bearish technical signals and the ongoing logistics issues across the Prairies also continue to overhang the futures.
About 7,000 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged after wheat saw some price adjustments following Monday’s close.
Prices in Canadian dollars per metric ton at 8:54 CST:
