By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Mar. 4 – Canola contracts on the ICE Futures Canada platform were stronger at 10:43 CST Tuesday, following the gains seen in Chicago soyoil values, analysts said.
Spillover support also came from the advances seen in Chicago soybean futures.
Canola futures were further underpinned by the downswing in the value of the Canadian dollar and continued ideas that canola is undervalued compared to other oilseeds.
Ongoing concerns about the possibility of export disruptions out of Ukraine due to political problems were also bullish for North American grain and oilseed markets.
However, some profit taking after Monday’s advances, as the gains were said to be overdone, helped to limit the upside, brokers said.
Continued slow usage of Canadian canola due to the backlogged grain handling system also weighed on the futures.
As of 10:43 CST Tuesday, about 12,000 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions to wheat after the close on Monday.
Prices in Canadian dollars per metric ton at 10:43 CST:
