By Terryn Shiells, Commodity News Service Canada
March 5, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 8:39 CST Tuesday, as follow through buying from Monday’s advances lifted values, analysts said.
Continued concerns about the tight Canadian canola supply situation and talk that acreage will be down this spring added to the bullish tone.
Spillover support from the advances seen in CBOT soybeans also underpinned canola values, as did weakness in the value of the Canadian dollar.
Ideas that oilseed demand is shifting back to North America because of shipping delays at ports in South America were also supportive.
However, weakness seen in Malaysian palm oil and European rapeseed futures limited the advances. Pressure from the quickly advancing soybean harvest in Brazil also undermined values.
As of 8:39 CST Tuesday, about 2,490 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:39 CST:
