By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Feb. 17 – Canola futures on the ICE Canada trading platform were firmer at midsession Tuesday, seeing some technical-based buying, as the charts remain pointed higher, analysts said.
Though, the strength in canola has some traders “scratching their heads”, as a firm Canadian dollar and falling soyoil values should be weighing on the market, a broker added.
Some speculative buying interest in the May contract could be underpinning the market, as could fresh export demand from China ahead of their New Year holidays.
Spillover support also came from the gains in Chicago soybean and soymeal futures.
A lack of significant farmer selling, as they’re waiting for even higher prices, and warmer weather in Manitoba and Saskatchewan, added to the bullish tone.
Spreading was a feature of the activity, with the March/May spread tightening up, participants noted.
As of 10:41 CST Tuesday, about 16,850 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CST:
