By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 1 – Canola contracts on the ICE Futures Canada platform were firmer Tuesday morning, following the advances seen in Chicago soybean and soyoil futures, analysts said.
Spillover support also came from the gains seen in European rapeseed futures overnight.
Continued ideas that canola is undervalued compared to other oilseeds, ongoing concerns about tight US soybean supplies and steady commercial demand added to the bullish tone.
However, talk that cold weather in Western Canada this week may slow grain movement helped limit the advances.
Expectations of large carryout stocks of Canadian canola this year and a recent pickup in farmer selling ahead of spring seeding were also bearish.
As of 8:43 CDT Tuesday, about 2,650 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 8:43 CDT:
