By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 2 – Canola contracts on the ICE Futures Canada platform were holding onto small gains at 10:45 CDT Wednesday, as ideas that canola is undervalued compared to other oilseeds underpinned prices, brokers said.
Optimism that the movement of grain across the Prairies is starting to improve was bullish, as was good demand from domestic crushers, as crush margins have improved recently.
Some spillover support also came from the advances seen in European rapeseed and Malaysian palm oil futures.
However, a pickup in farmer selling at the highs helped to limit the advances, as did the large Canadian canola supply situation.
Spillover pressure from the declines seen in Chicago soybean futures was also bearish for canola.
As of 10:45 CDT Wednesday, about 16,400 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 10:45 CDT:
