By Dave Sims, Commodity News Service Canada
WINNIPEG, September 24 – ICE Canada canola contracts were mostly higher Thursday morning, following declines in the value of the Canadian currency. A weaker Canadian dollar, relative to its US counterpart, made canola more attractive to domestic crushers and foreign buyers.
Malaysian palm oil was also stronger which was supportive for prices.
Near-term demand from crushers and exporters underpinned the market, according to a report. It seems suppliers don’t have enough commitments from farmers to meet the immediate demand and have pushed in the spot market to get seed moving.
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The November contract is experiencing resistance at the C$470 per tonne mark, said an analyst.
However, on the other side of the coin, losses in the US soy complex kept the gains in check.
European rapeseed futures were also lower which was bearish for prices.
Much of Western Canada is expected to see favourable weather over the next few days which should aid harvesting efforts.
So far, yields have been better than expected.
About 3,100 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Nov 468.80 up 2.50
Jan 473.40 up 2.20
Mar 475.10 up 2.10
Milling Wheat Oct 238.00 unch
Dec 242.00 unch
Durum Oct 330.00 unch
Dec 330.00 unch
Dec 184.00 unch
