By Terryn Shiells, Commodity News Service Canada
December 17, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were up slightly Tuesday morning, lifted by sentiment that the market is oversold and due for a corrective bounce, analysts said.
Ideas that canola is undervalued compared to other oilseeds also sparked some of the buying that took prices to higher ground.
The downswing in the value of the Canadian dollar and good demand from domestic crushers further underpinned prices.
However, spillover pressure from the declines seen in the Chicago soy complex helped to limit the upside.
The large Canadian canola supply situation also weighed on values, as did a bearish technical bias.
As of 8:35 CST Tuesday, about 6,945 contracts had traded.
Milling wheat, durum and barley futures were untraded after the Exchanged moved prices lower for all three commodities following the close on Monday.
Prices in Canadian dollars per metric ton at 8:35 CST:
