By Terryn Shiells, Commodity News Service Canada
November 4, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:45 CST Monday, following the advances seen in Chicago soybeans.
Solid demand from end users kept a firm floor under the market. Farmer selling continues to remain slow as well, despite firming basis levels due to weather related snow closures in parts of Alberta and Saskatchewan over the weekend, brokers noted.
The gains in canola were limited by spillover pressure from the losses seen in Chicago soyoil futures.
The upswing in the value of the Canadian dollar was also bearish, as it made canola more expensive to crushers and exporters.
Trade volume was on the light side, with some of the activity linked to position squaring ahead of the November 8 USDA supply and demand report, participants added.
As of 10:45 CST Monday, about 5,575 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
