By Terryn Shiells, Commodity News Service Canada
WINNIPEG, May 29 – Canola contracts on the ICE Futures Canada platform were firmer at 10:43 CDT Thursday, continuing to see a recovery following Tuesday’s very sharp losses of more than C$20 per tonne, analysts said.
Some of the strength was also linked to a recent increase in export demand and slow farmer selling as they continue to focus on spring fieldwork.
Further spillover support came from the advances seen in Chicago soybean futures.
A lack of aggressive fund liquidation selling also kept prices from moving lower, brokers said.
However, spillover pressure from the losses seen in Chicago soyoil futures helped to limit the advances.
The large Canadian canola supply situation and improving conditions for planting and crop development in Western Canada were also bearish.
As of 10:43 CDT Thursday, about 7,600 contracts had traded. Spreading was a feature of the activity.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:43 CDT:
