By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 2 – Canola contracts on the ICE Futures Canada platform were mostly firmer Monday morning, following the gains seen in Chicago soyoil futures, analysts said.
Spillover support also came from the advances seen in Chicago soybean and European rapeseed futures.
Weakness in the Canadian dollar added to the firmer tone, as it made canola more attractive to crushers and exporters.
Steady commercial demand and a bullish technical bias also underpinned the market.
However, a pickup in farmer selling following recent advances, and ahead of the 2015 growing season, limited the upside.
The large global oilseed supply situation and generally favourable weather for South America’s soybean crop were also overhanging values.
As of 8:47 CST Monday, about 4,470 contracts had traded.
Milling wheat, durum and barley futures were untraded following revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 8:47 CST:
