By Terryn Shiells, Commodity News Service Canada
October 30, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger Wednesday morning, following the advances seen in outside oilseed markets. Chicago soybeans, CBOT soyoil, European rapeseed and Malaysian palm oil futures were all stronger in overnight and early activity.
A slowdown in farmer selling, as producers are holding onto their canola while they wait for stronger prices, also generated some of the upward price climb.
Some technical based buying following Tuesday’s higher close provided further support, as did solid demand for Canadian canola, analysts said.
However, expectations that South America will produce a record large soybean crop and pressure from the advancing US soy harvest limited the advances.
As of 8:33 CDT Wednesday, 6,200 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged following price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:33 CDT: