By Terryn Shiells, Commodity News Service Canada
October 21, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 10:47 CDT Monday, lifted by a slowdown in farmer selling as harvest nears completion in Western Canada, brokers said.
Some of the gains were also linked to spillover support from the advances seen in Chicago soybeans and solid demand for Canadian canola.
Speculative based short covering and Chinese trade data, which was supportive for Canadian canola oil imports, added to the bullish tone, traders said.
However, continued expectations that the Canadian canola crop will be record large this year helped to limit the gains, as did pressure from the advancing US soybean harvest.
Expectations of a record large South American soybean crop were bearish, as was the weakness seen in Chicago soyoil futures.
As of 10:47 CDT Monday, about 17,210 contracts had traded. Spreading was a feature of the trade and helped to augment the volume total.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:47 CDT:
