By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 25 – Canola contracts on the ICE Futures Canada platform were slightly firmer Friday morning, underpinned by follow-through buying on Thursday’s gains, analysts said.
Spillover support also came from the advances seen in Chicago soybean and soyoil futures.
Thursday’s Statistics Canada report, which pegged 2014/15 canola acreage at 19.8 million acres, down from 19.9 last year and expectations of about 21 million, continued to lift the futures.
However, a pickup in farmer selling following recent gains and ahead of spring seeding helped to limit the gains.
Expectations of large 2013/14 Canadian canola carryout stocks also continued to overhang the market, traders added.
Activity was on the quiet side Friday morning. As of 8:48 CDT Friday, about 1,020 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:48 CDT:
