By Terryn Shiells, Commodity News Service Canada
Winnipeg, Dec. 29 – Canola contracts on the ICE Futures Canada platform were stronger Monday morning, catching up with the rally seen in Chicago soybean futures on Friday, when Canadian markets were closed for Boxing Day.
Spillover support also came from the advances seen in Chicago soyoil futures and other outside oilseeds Monday morning.
Worries about unfavourable conditions for the Malaysian palm oil crop helped to underpin values, as did weakness in the Canadian dollar, analysts said.
Continued slow farmer selling, as they wait for the new tax year, added to the bullish tone, as did steady commercial demand.
However, generally favourable conditions for the South American soybean crop were bearish for canola.
Very large global oilseed supplies, with a record large US bean crop and a bigger than expected Canadian canola crop, also limited the upside.
As of 8:45 CST, about 2,800 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CST:
