By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 11 – Canola contracts on the ICE Futures Canada platform were correcting higher amid quiet activity Tuesday morning.
Some short covering following recent losses helped to lift values, as did weakness in the value of the Canadian dollar, analysts said.
Spillover support also came from the advances seen in Chicago soyoil and soybean futures, as well as European rapeseed values.
However, a recent pickup in farmer selling and ongoing logistics problems in Western Canada helped to limit the upside.
Ideas that the technical bias is now pointed lower for canola also weighed on prices.
As of 8:40 CDT Tuesday, about 1,100 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Monday.
Prices in Canadian dollars per metric ton at 8:40 CDT:
