By Brandon Logan, Commodity News Service Canada
WINNIPEG, Jan. 30 – Canola contracts on the ICE Futures
Canada platform were higher at 10:38 CST Thursday, underpinned
by spillover from the gains seen in the CBOT soybeans,
participants said.
Ideas that canola is oversold and cheap in comparison to
other oilseeds were also supportive of values, brokers said.
Weakness seen in the value of the Canadian dollar added to
the bullish tone, as the loonie fell to a near four-and-a-half
year low.
However, continued logistical concerns moving the record
large Canadian canola crop out of the Prairies limited gains, as
did reports that China could start to cancel US soybean
shipments in the near-term.
Expectations that Brazil will harvest a record large
soybean crop due to extremely good growing conditions were also
bearish, traders said.
About 13,000 canola contracts had traded as of 10:38 CST.
Milling wheat, durum and barley futures were untraded
following price revisions to wheat after the close on Wednesday.
Prices in Canadian dollars per metric ton at 10:38 CST:
