By Terryn Shiells, Commodity News Service Canada
October 3, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger Thursday morning, following the advances seen in Chicago soybeans and soyoil.
Some of the strength in prices was also linked to good commercial demand for canola, analysts said.
The evening of positions ahead of Friday’s Statistics Canada production report also generated some of the upward price action.
However, expectations that the report will show an even bigger crop than the previous StatsCan estimate helped to limit the advances.
The technical bias remains pointed to the downside in canola, which was also a bearish influence for values, brokers said.
Activity could be choppy throughout the day amid positioning ahead of Friday’s StatsCan crop production report.
As of 8:35 CDT Thursday, 4,190 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged following price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:35 CDT:
