By Terryn Shiells, Commodity News Service Canada
November 27, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer Wednesday morning, underpinned by the sharply weaker Canadian dollar, which lost more than half a cent against the US dollar. The weaker Canadian dollar makes canola more attractive to crushers and exporters.
Some of the strength in prices was linked to spillover support from the advances seen in the Chicago soy complex, Malaysian palm oil and European rapeseed futures, analysts said.
However, the gains were limited by the large Canadian canola supply situation, which continues to overhang the canola market.
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Reports that conditions have been favourable so far for the South American soybean crop, which may be record large, were also bearish.
Activity is expected to be choppy throughout the day, as traders start to move to the sidelines ahead of the US Thanksgiving holiday on Thursday.
As of 8:38 CST Wednesday, about 5,290 contracts had traded.
Milling wheat, durum and barley futures were untraded following some price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:38 CST:
