By Terryn Shiells, Commodity News Service Canada
WINNIPEG, March 9 – Canola futures on the ICE Canada trading platform were stronger at midday Monday, seeing a short covering bounce after last week’s sharp declines, analysts said.
Traders were also covering their positions ahead of the USDA’s monthly supply and demand report, set to be released on Tuesday, March 10 and 11:00 CDT.
Some spillover support also came from the advances seen in Chicago soybean and European rapeseed futures.
Worries about road bans slowing Canadian canola movement and the need the build weather premiums into values ahead of the growing season were also bullish.
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Activity was on the light side, which helped to exaggerate the upward price movement, brokers added.
However, spillover pressure from the declines seen in Chicago soyoil values limited the gains, as did a slightly firmer tone in the Canadian dollar.
The very large global oilseed supply situation and ideas that the market’s technical bias has shifted to the downside were also bearish.
As of 10:35 CDT Monday, about 4,770 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
