By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 19 – ICE Futures Canada canola contracts were higher on Wednesday, following the advances seen in Chicago soybean and soyoil futures, analysts said.
Spillover support also came from the gains seen in Malaysian palm oil and European rapeseed futures overnight.
The sharp downswing in the value of the Canadian dollar was also bullish, as it made canola more attractive to crushers and exporters.
Continued speculative short covering and some commercial buying, now that logistics problems are starting to show signs of improvement, further underpinned prices.
However, a pickup in farmer selling following a recent rally limited the gains, as did the large supplies of old crop canola that are still sitting on western Canadian farms.
About 20,950 canola contracts were traded as of 10:50 CDT Wednesday.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Tuesday.
Prices as of 10:50 CDT Wednesday, in Canadian dollars per tonne.
