By Terryn Shiells, Commodity News Service Canada
November 1, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were moving higher Friday morning, following the gains seen in outside oilseed markets, analysts said. Chicago soyoil, Malaysian palm oil and European rapeseed futures were all higher in overnight and early activity.
A slowdown in farmer selling, as they have enough cash flow to wait for stronger prices, also generated some of the upward price climb.
The Canadian dollar was slightly weaker Friday morning, which also helped to encourage some crusher and exporter buying, brokers noted.
However, the large Canadian supply situation, expectations of a record large South American soybean crop and pressure from the advancing US soy harvest limited the gains.
As of 8:44 CDT Friday, 3,600 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:44 CDT:
