By Phil Franz-Warkentin, Commodity News Service Canada
October 16, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger 10:48 CDT Wednesday, taking some direction from the advances in CBOT soyoil.
Gains in Malaysian palm oil, European rapeseed, and crude oil added to the firmer tone in canola, according to a broker. Talk of fresh export demand, likely from China, also contributed to the gains in canola, he added.
However, the record large crop grown in Western Canada this year remained a bearish influence overhanging the market, with the gains encouraging some farmer selling at the highs.
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The stronger Canadian dollar was also limiting the advances in canola, as the firmer currency cuts into crush margins.
Traders were also following news out of the US closely, as lawmakers in Washington are facing a midnight deadline before the country defaults on its large debt.
About 19,000 canola contracts had traded as of 10:48 CDT, with November/January spread a feature as participants roll out of the front month.
Milling wheat, durum, and barley futures were untraded on Wednesday.
Prices in Canadian dollars per metric ton at 10:48 CDT:
