By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Mar. 3 – Canola contracts on the ICE Futures Canada platform were stronger at 10:38 CST Monday, following the sharp gains seen in Chicago soyoil values, analysts said.
Weakness in the value of the Canadian dollar also helped to push prices higher, as it made canola more attractive to crushers.
Concerns about political problems in the Black Sea region also helped to lift canola values, as it could shift some of the demand for the region’s grains to North America, traders added.
Continued ideas that canola is undervalued compared to other oilseed markets added to the bullish tone.
However, ongoing logistics problems that continue to temper the usage of Canadian canola supplies helped to limit the advances.
Ideas that any gains in the market will spark chart-based and farmer selling also weighed on the futures.
As of 10:38 CST Monday, about 11,550 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions to wheat after the close on Friday.
Prices in Canadian dollars per metric ton at 10:38 CST:
