By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Oct. 21 – Canola futures in the ICE Canada trading platform were slightly higher at midday Tuesday, finding some spillover support from the gains seen in Chicago soybean futures, analysts said.
Overnight advances in Malaysian palm oil and European rapeseed futures were also lifting canola.
Worries about wet weather causing some harvest delays in the U.S. Midwest further underpinned values, as did a general slowdown in farmer selling into Canadian cash markets.
However, the upswing in the value of the Canadian dollar weighed on prices, as it made canola less attractive to crushers and exporters.
Expectations of record large US soybean production and a bearish technical bias in the canola market also tempered the upside, brokers said.
As of 10:50 CDT Tuesday, about 9,275 contracts had traded.
Milling wheat and durum futures were untraded and unchanged. Barley futures saw 25 contracts traded, with prices moving higher.
Prices in Canadian dollars per metric ton at 10:50 CDT:
