By Terryn Shiells, Commodity News Service Canada
October 22, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 10:38 CDT Tuesday, seeing some independent strength from the Chicago soy complex amid speculative based buying, analysts said.
Rumours of fresh export demand for Canadian canola helped to further underpin values, as did a slowdown in farmer selling now that the western Canadian harvest is nearly complete.
Chart based buying, as the technical bias seems to be pointed higher for canola, also fuelled some of the upward price action.
However, spillover pressure from the losses seen in Chicago soybeans and soyoil helped to limit the advances.
Pressure from the advancing US soybean harvest and expectations of a record large soybean crop in South America this year were also bearish.
As of 10:38 CDT Tuesday, about 11,830 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:38 CDT:
