By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 25 – Canola contracts on the ICE Futures Canada platform were stronger at 10:39 CDT Monday, finding some spillover support from the advances seen in Chicago soyoil futures, analysts said.
Some supportive short covering was also linked to worries about cold temperatures that hovered just below and above zero degrees Celsius in parts of Saskatchewan and Alberta over the weekend.
Sentiment that recent declines were overdone, the softer Canadian currency and steady demand added to the bullish tone.
However, the advances were limited by spillover pressure from the declines seen in Chicago soybean futures and ongoing expectations of record large 2014/15 US soybean production.
The market’s technical bias remains pointed lower, which also helped to temper the upside, brokers said.
As of 10:39 CDT Monday, about 8,120 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:39 CDT:
