By Dave Sims, Commodity News Service Canada
WINNIPEG, Feb. 26 – ICE Canada canola contracts were posting small gains Thursday morning, as values consolidated themselves on ideas yesterday’s losses were overdone.
Canola received some spillover support from soybeans, soyoil and Malaysian palm oil, according to participants.
Commercial demand for canola remains strong which underpinned the market.
However, European rapeseed futures and CBOT soy meal were lower, which pressured values, while the technical bias has shifted to the downside.
The large crop in South America continues to overhang the market as the harvest there proceeds.
About 5,300 canola contracts had traded as of 8:45 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CST:
