By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 14 – Canola contracts on the ICE Futures Canada platform were firmer at 10:40 CDT Monday, following the gains seen in outside commodity markets, including US wheat and soybean futures, analysts said.
Further support came from renewed concerns about political problems in Ukraine. A pro-Russian separatist protest in Ukraine escalated over the weekend, causing the country’s acting president to call for help from United Nations peacekeepers.
Short covering following recent losses also underpinned canola, is did ideas that the commodity is still undervalued compared to other oilseeds.
However, the ongoing large Canadian canola supply situation and expectations that another big crop will be grown in 2014/15 limited the upside.
Activity was on the quiet side on Monday. As of 10:40 CDT about 6,900 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 10:40 CDT:
