By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 26 – Canola contracts on the ICE Futures Canada platform were up slightly Thursday morning, taking direction from the stronger Chicago soyoil market, analysts said.
Further spillover support came from the advances seen in Malaysian palm oil and European rapeseed futures overnight.
Steady commercial demand for canola continued to underpin values, as did the need to keep weather premiums in the market ahead of spring seeding in Western Canada.
However, the upswing in the value of the Canadian dollar limited the upside, as it made canola more expensive to foreign buyers.
The large global oilseed supply situation and a softer tone in Chicago soymeal values also weighed on canola.
As of 8:42 CDT Thursday, about 2,040 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:42 CDT:
