By Terryn Shiells, Commodity News Service Canada
Winnipeg, Feb. 28 – Canola contracts on the ICE Futures Canada platform were slightly higher Friday morning, following the advances seen in Chicago soybean and soyoil futures.
Spillover support also came from the firmer tone seen in Malaysian palm oil futures during overnight activity, analysts said.
Continued ideas that canola is undervalued compared to other oilseeds also helped to fuel some of the advances.
However, the upswing in the value of the Canadian dollar and weakness in European rapeseed futures helped to limit the gains.
A bearish technical bias and continued slow usage of Canadian canola supplies due to ongoing logistics problems also weighed on the market.
Activity was light and choppy as traders were positioning themselves ahead of the weekend, brokers said. As of 8:41 CST Friday, about 3,850 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:41 CST:
