By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 15 – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CDT Tuesday, following the advances seen in the Chicago soy complex, analysts said.
Ongoing worries about political problems in Ukraine were supportive for North American oilseed markets, as were concerns about persisting cold weather delaying planting in both Canada and the US this spring.
Some speculative and chart-based buying, as the May contract was testing the key level of C$470 per tonne, added to the bullish tone, brokers said.
Some talk that Oklahoma’s winter canola crop may have been damaged by below-freezing temperatures overnight was also supportive.
However, expectations of large 2013/14 Canadian canola carryout stocks and ideas that farmers will plant more canola this spring limited the advances.
As of 10:45 CDT Tuesday, about 9,500 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 10:45 CDT:
