By Terryn Shiells, Commodity News Service Canada
January 3, 2014
WINNIPEG – Canola contracts on the ICE Futures Canada platform were little slightly stronger Friday morning, as the market was seeing an upward correction following Thursday’s sharp declines, analysts said.
Canola also found some spillover support from the advances seen in Chicago soybean and European rapeseed futures in overnight and early activity.
Ideas that canola is more attractively priced than some other oilseeds also underpinned values, as did some short covering ahead of the weekend.
However, spillover pressure from the declines seen in Chicago soyoil futures limited the advances, as did the upswing in the value of the Canadian dollar.
A bearish technical bias, the large Canadian canola crop and logistical problems in Western Canada continued to overhang the market.
As of 8:39 CST Friday, about 1,245 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:39 CST:
