By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 1 – Canola contracts on the ICE Futures Canada platform were sharply higher at 10:43 CDT Tuesday, following along with the advances seen in Chicago soybean and soyoil futures, analysts said. European rapeseed futures were also stronger overnight.
Ongoing concerns about the tight US soybean supply situation helped to provide support for canola futures as well.
Fund buying, steady commercial demand and continued ideas that canola is undervalued compared to other oilseeds added to the bullish tone.
However, farmer selling at the highs and ahead of spring seeding tempered the advances, as did ongoing logistics problems in Western Canada. The upswing in the value of the Canadian dollar was also bearish.
As of 10:43 CDT Tuesday, about 14,725 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 10:43 CDT:
