By Brandon Logan, Commodity News Service Canada
WINNIPEG, Jan. 27 – Canola contracts on the ICE Futures
Canada platform were higher at 10:43 CST Monday, underpinned by
the gains seen in CBOT soybeans and soymeal, participants said.
The extremely cold weather across the Prairies kept trading
light in the morning, analysts said, as farmers are unwilling to
move grain in these conditions.
Continued ideas that the market is oversold were
supportive, as canola remains fairly cheap in comparison to
other oilseed markets.
However, the losses seen in CBOT soyoil did limit any
further gains. Logistical issues moving the record large
Canadian canola crop out of the Prairies also weighed on values.
Expectations that South America will produce large
quantities of soybeans limited canola’s upside as well.
About 7,800 canola contracts had traded as of 10:43 CST.
Milling wheat, durum and barley futures were untraded
following price revisions to wheat after the close on Friday.
Prices in Canadian dollars per metric ton at 10:43 CST:
