By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 8 – Canola contracts on the ICE Futures Canada platform were slightly higher amid quiet trade activity Thursday morning.
Some of the price strength was linked to spillover support from the advances seen in the Chicago soy complex and European rapeseed futures.
Slow farmer selling and concerns about cold, wet conditions causing planting delays across Western Canada this spring added to the bullish tone.
Continued ideas that canola is undervalued compared to other oilseeds kept a firm floor under the market.
However, the burdensome Canadian canola supply situation helped to limit the advances, as did the upswing in the value of the Canadian dollar.
As of 8:44 CDT Thursday, only about 900 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:44 CDT:
