By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Feb. 18 – Canola contracts on the ICE Futures Canada platform were stronger at 10:38 CST Tuesday, following the sharp advances seen in Chicago soyoil futures, analysts said.
Spillover support from the advances seen in Chicago soybean, Malaysian palm oil and European rapeseed futures was also bullish.
Canola values were further underpinned by speculative based short covering following last week’s move to fresh contract lows.
Oversold price sentiment and continued ideas that canola is undervalued compared to other oilseeds kept a firm floor under the market.
However, the upswing in the value of the Canadian dollar and continued problems moving Canada’s large canola supplies out of the Prairies limited the gains.
As of 10:38 CST Tuesday, about 27,400 contracts had traded.
Milling wheat, barley and durum were untraded, following slight revisions to wheat prices after the close on Friday.
Prices in Canadian dollars per metric ton at 10:38 CST:
