By Brandon Logan, Commodity News Service Canada
WINNIPEG, Jan. 23 – Canola contracts on the ICE Futures
Canada platform were up at 10:41 CST Thursday, reversing some of
the losses seen in Wednesday’s session.
Canola is being strengthened by spillover from the gains
seen in the CBOT soy complex, analysts said. Ideas that canola
is oversold and cheap in comparison to other oilseeds were also
supportive.
Although the Canadian dollar fell below the 90 US cent mark
earlier in the morning, traders said recent sharp declines
haven’t been built into the canola market just yet.
Continued logistical concerns moving the record large
Canadian canola crop limited any further gains, as did a bearish
technical outlook, brokers said.
Strong expectations for South America’s soybean production
in 2013/14 were also holding gains back on Thursday morning.
About 39,700 canola contracts had traded as of 10:41 CST.
Milling wheat, durum, and barley futures were all untraded
and unchanged after seeing some price revisions following
Wednesday’s close.
Prices in Canadian dollars per metric ton at 10:41 CST:
