By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 15 – Canola contracts on the ICE Futures Canada platform were little changed amid choppy activity Wednesday morning.
Sentiment that the market is oversold and due for an upward correction helped to underpin canola values, analysts said.
Weakness in the value of the Canadian dollar and ideas that canola is more attractively priced than some other oilseeds was bullish as well.
Canola also found some spillover support from the gains seen in European rapeseed and Malaysian palm oil futures overnight. The Chicago soybean complex was little changed Wednesday morning.
On the other side, a pickup in farmer selling put downward pressure on values, as did the canola market’s bearish technical bias.
Logistical problems moving Canada’s large crop also undermined prices, as they are limiting the usage of canola supplies, brokers added.
As of 8:39 CST Wednesday, about 6,310 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to barley and wheat after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:39 CST:
