By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 22 – Canola contracts on the ICE Futures Canada platform were slightly higher Tuesday morning, as the market was correcting following Monday’s losses, analysts said.
Spillover support also came from the advances seen in outside oilseeds, including Chicago soybeans and soyoil futures.
Continued talk that canola is undervalued compared to other oilseeds and the need to keep a weather premium built into the futures ahead of spring seeding were also bullish.
However, expectations of large 2013/14 Canadian carryout stocks and an increase in acreage this spring limited the advances.
A recent pickup in farmer selling, as they need to make bin space ahead of the new crop year, was also bearish.
Nervousness ahead of Thursday’s Statistics Canada planting intentions report kept the market from moving too far one way or the other.
As of 8:53 CDT Tuesday, about 3,900 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 8:53 CDT:
