By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 20 – Canola contracts on the ICE Futures Canada platform were stronger Tuesday morning, playing catch-up with the advances seen in Chicago soybean futures on Monday when Canadian markets were closed for Victoria Day.
Some spillover support also came from the gains seen in European rapeseed futures overnight, analysts said.
Slow farmer selling, worries about planting delays in Western Canada and ideas that canola is undervalued compared to other oilseeds were also bullish.
However, the large Canadian canola supply situation continued to overhang the market, limiting the advances.
Spillover pressure from the losses seen in Chicago soyoil futures on Monday, and Tuesday morning, was also bearish for canola.
As of 8:38 CDT Tuesday, about 1,240 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 8:38 CDT:
