By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Feb. 24 – Canola futures on the ICE Canada trading platform were climbing at midsession Tuesday, following the advances seen in the Chicago soybeans, analysts said.
Further spillover support came from the advances seen in Chicago soyoil and European rapeseed futures.
The weaker Canadian dollar added to the bullish tone, as it made canola more attractive to crushers and exporters.
Steady commercial demand for canola also underpinned values, as did speculative and technical based buying, brokers said.
However, a pickup in farmer selling at the highs tempered the advances, as did sentiment that the market is overbought.
The large global oilseed supply situation and generally good conditions for South America’s soybean crop were also overhanging the market.
As of 10:50 CST Tuesday, about 27,485 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CST:
