By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 4 – Canola contracts on the ICE Futures Canada platform were firmer Wednesday morning, seeing an upward correction following recent declines, analysts said.
Some spillover support also came from the advances seen in outside oilseed markets, including the Chicago soy complex, Malaysian palm oil and European rapeseed futures.
The downswing in the value of the Canadian dollar, slow farmer selling and the need to keep a weather premium built into prices added to the bullish tone.
Ideas that canola is undervalued compared to competing oilseeds further underpinned values.
However, the technical bias in the market is still pointed lower, which limited the advances.
Generally favourable growing conditions for crops in Canada and the US were also bearish.
As of 8:42 CDT Wednesday, about 2,500 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:42 CDT:
