By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 26 – Canola contracts on the ICE Futures Canada platform were slightly higher Wednesday morning, following the advances seen in Chicago soyoil futures, analysts said.
Follow-through buying on recent gains, as the market’s technical bias is now shifted higher, also helped to underpin the futures.
Continued ideas that canola is undervalued compared to other oilseeds and steady commercial demand for the Canadian product were also supportive.
However, spillover pressure from the weakness in Chicago soybean, Malaysian palm oil and European rapeseed futures limited the upside.
The large Canadian canola supply situation and ongoing logistics issues across the Prairies continued to overhang the market.
As of 8:35 CDT Wednesday, about 850 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
