By Terryn Shiells, Commodity News Service Canada
October 31, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger firmer Thursday morning, following the advances seen in Chicago soyoil futures, analysts said.
Spillover support from the gains seen in Malaysian palm oil and European rapeseed futures in overnight activity added to the bullish tone.
Some of the strength was also linked to a slowdown in farmer selling, as producers have enough cash flow and are waiting for stronger prices, brokers noted.
The Canadian currency is still on the weak side, but was up almost half a cent against its US counterpart Thursday morning, which limited the advances in canola.
The large Canadian canola supply situation, expectations of a record large South American soybean crop and pressure from the advancing US soybean harvest were also bearish.
As of 8:43 CDT Thursday, 4,490 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 8:43 CDT:
