By Terryn Shiells, Commodity News Service Canada
WINNIPEG, May 28 – Canola contracts on the ICE Futures Canada platform were firmer at 10:48 CDT Wednesday, as the market was readjusting amid sentiment that Tuesday’s sharp losses were overdone, analysts said.
Some commercial bargain hunting after the recent drop in values was also responsible for some of the upward price movement.
Ideas that canola is undervalued compared to competing oilseeds and ongoing concerns about seeding delays in the eastern Prairies were also supportive.
However, improving weather for seeding and crop development has been seen across many parts of Western Canada this week, limiting the upside.
Tuesday’s sharp losses also shifted the market’s bias to the downside, which was also bearish for prices, brokers noted.
As of 10:48 CDT Wednesday, about 20,200 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 10:48 CDT:
