By Terryn Shiells, Commodity News Service Canada
May 28, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mostly higher Tuesday morning, following the advances seen in the Chicago soybean complex, analysts said.
Much of the strength seen in Chicago soybeans was linked to concerns that heavy rains seen in the US over the weekend further delayed planting.
Canola values also found some support from continued worries about the tight Canadian canola supply situation, brokers said.
Some of the buying seen in canola was also linked to concerns about further delayed planting in western Canada due to wet weather forecasted for this week.
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Steady commercial demand further underpinned the market, as did the downswing in the value of the Canadian dollar.
Slow farmer selling, as producers are busy focusing on field work and seeding, added to the bullish tone in canola.
However, reports that farmers in western Canada have made good seeding progress lately limited the advances.
Strong competition from the large South American oilseed crop also tempered the gains.
As of 8:38 CDT, only about 2,680 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Tuesday morning.
Prices in Canadian dollars per metric ton at 8:38 CDT:
