By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 29 – Canola contracts on the ICE Futures Canada platform were stronger at 10:43 CDT Tuesday, underpinned by commercial and speculative buying that was triggered by “spring jitters”, a broker said.
Concerns about cold and wet weather causing planting delays in some parts of Western Canada, as well as the northern United States, this spring, had the market building a weather premium into the futures.
Spillover support from the gains seen in outside oilseed markets also underpinned canola.
Continued ideas that canola is undervalued compared to other oilseeds and chart-based buying helped to lift the market as well.
However, the upswing in the value of the Canadian dollar and expectations of large 2013/14 carryout stocks of canola in Canada limited the advances.
As of 10:43 CDT Tuesday, about 12,920 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 10:43 CDT:
