By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 16 – Canola contracts on the ICE Futures Canada platform were stronger at 10:48 CDT Wednesday, following the advances seen in Chicago soybean and soyoil futures, analysts said.
Spillover support also came from the gains seen in Malaysian palm oil and European rapeseed futures overnight.
The downswing in the value of the Canadian dollar, chart-based buying and continued talk that canola is undervalued compared to other oilseeds added to the bullish tone.
However, large Canadian canola supplies and expectations that Western Canada will see an increase in canola acreage this spring limited the advances.
Worries that Chinese demand for oilseeds is slowing were also bearish, brokers said.
As of 10:48 CDT Wednesday, about 12,400 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 10:48 CDT:
