By Terryn Shiells, Commodity News Service Canada
November 21, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were sharply higher at 10:30 CST Thursday, following the gains seen in outside oilseed markets, analysts said.
Chicago soyoil futures were up sharply, while Malaysian palm oil and European rapeseed futures were stronger in overnight activity. Chicago soybean values were also moving to the upside.
Some of the strength in canola futures was linked to the sharp downswing in the value of the Canadian dollar, which was trading more than half a cent lower at midday Thursday.
Technical based buying, as the market managed to hold above support levels following Wednesday’s losses, further underpinned values.
However, the large Canadian canola supply situation helped to limit the advances, as did reports of good conditions for the upcoming South American oilseed crop.
As of 10:30 CST Thursday, about 14,920 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:30 CST:
