By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 7 – Canola contracts on the ICE Futures Canada platform were slightly higher amid quiet, lackluster trade Wednesday morning.
Some of the firmness was linked to spillover support from the gains seen in Chicago soyoil and Malaysian palm oil futures in early and overnight activity.
Slow farmer selling, worries about delayed planting in Western Canada this spring and continued ideas that canola is undervalued compared to other oilseeds were also bullish.
However, spillover pressure from the losses seen in Chicago soybean and European rapeseed futures limited the advances.
Recent strength in the value of the Canadian dollar and the burdensome Canadian canola supply situation were also bearish.
As of 8:20 CDT Wednesday, only about 650 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:20 CDT:
