By Brandon Logan, Commodity News Service Canada
WINNIPEG, Feb. 4 – Canola contracts on the ICE Futures
Canada platform were stronger at 10:42 Tuesday, underpinned by
spillover from the gains seen in the CBOT soy complex,
participants said.
Ideas that canola is still cheap in comparison with most
oilseeds were supportive, as was optimism that China hasn’t
cancelled any US soybean shipments, brokers said.
Statistics Canada reported that canola stocks, as of
December 31, were 12.6 million tonnes, up from 8.1 million
tonnes seen the previous year. However, despite the large
stocks, the report did not affect the market as traders were
already expecting large numbers.
Gains seen in the value of the Canadian dollar on Tuesday
limited any further strength, as did a lack of farmer selling.
Expectations that Brazil will harvest a record large
soybean crop were also bearish.
About 3,500 canola contracts had traded as of 10:42 CST.
Milling wheat, durum, and barley futures were all untraded
and unchanged after seeing some price revisions following
Monday’s close.
Prices in Canadian dollars per metric ton at 10:42 CST:
