By Terryn Shiells, Commodity News Service Canada
WINNIPEG, May 13 – Canola contracts on the ICE Futures Canada platform were stronger at 10:55 CDT Tuesday, following the advances seen in the Chicago soy complex, analysts said.
Old crop values were seeing the strongest advances, and moved above new crop prices. The nearby values were lifted higher by speculative and commercial buying interest as canola remains cheap compared to other oilseeds, according to a broker.
Worries about planting delays for canola across Western Canada, due to cold, wet weather this spring, added to the bullish tone, as did slow farmer selling.
However, the burdensome Canadian canola supply situation continued to overhang the market.
Ideas that there is still plenty of time to get the Canadian canola crop planted this spring also limited the advances.
As of 10:55 CDT Tuesday, about 16,850 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 10:55 CDT:
