By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 3 – Canola contracts on the ICE Futures Canada platform were firmer at 10:54 CDT Thursday, following the gains seen in Chicago soyoil futures, analysts said.
Speculative buying and good crusher demand, as margins have improved recently, was also behind some of the upward price movement.
Continued ideas that canola is undervalued compared to other oilseeds added to the bullish tone, as did optimism that Western Canada’s logistics problems are improving.
However, a pickup in farmer selling at the highs and ahead of spring seeding helped to limit the advances, as did expectations of large 2013/14 Canadian canola carryout stocks.
Ideas that Canadian canola planted area will see an increase of about one million acres this spring were also bearish.
As of 10:54 CDT Thursday, about 9,400 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 10:54 CDT:
