By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 13 – Canola contracts on the ICE Futures Canada platform were firmer Thursday morning, seeing some follow-through buying on Wednesday’s higher close, analysts said.
A bullish technical bias and spillover support from the gains seen in Malaysian palm oil futures overnight also lifted values.
Steady commercial demand, talk that logistics in Western Canada are improving and ideas that canola is still undervalued compared to other oilseeds were also supportive.
However, the upswing in the value of the Canadian dollar and a recent pickup in farmer selling tempered the advances.
Spillover pressure from the sharp declines seen in Chicago soyoil and weakness in Chicago soybeans futures was also bearish.
As of 8:45 CDT Thursday, about 1,850 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:45 CDT:
