By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 7 – Canola contracts on the ICE Futures Canada platform were higher Monday morning, seeing an upward correction following Friday’s losses, analysts said.
Spillover support from the gains seen in European rapeseed futures overnight and weakness in the value of the Canadian dollar also underpinned the market.
Optimism that logistics problems in western Canada are improving, steady commercial demand and continued talk that canola is undervalued compared to other oilseeds added to the bullish tone.
However, spillover pressure from the declines seen in Chicago soyoil and Malaysian palm oil futures limited the upside.
A recent pickup in farmer selling and the large Canadian canola supply situation were also bearish.
As of 8:37 CDT Monday, about 1,300 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 8:37 CDT:
