By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 27 – Canola contracts on the ICE Futures Canada platform were slightly higher Monday morning, lifted by sentiment that the market is oversold and due for a corrective bounce, traders said.
Some support also came from ideas that canola is undervalued compared to other oilseed markets.
Chart-based buying, as prices move down near key support levels, also helped to underpin canola values, according to analysts.
However, spillover pressure from the losses seen in Chicago soyoil and European rapeseed futures was bearish, as was the upswing in the value of the Canadian dollar.
Logistics problems moving Canada’s large canola crop and the resulting slower usage of the supplies continued to overhang the market.
Activity was on the quiet side to start the week. As of 8:43 CST Monday, about 1,710 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Friday.
Prices in Canadian dollars per metric ton at 8:43 CST:
