By Terryn Shiells, Commodity News Service Canada
November 12, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer Tuesday morning, following the advances seen in the Chicago soy complex, analysts said.
Spillover support from the advances seen in Malaysian palm oil and European rapeseed futures overnight added to the bullish tone, as did weakness in the value of the Canadian dollar.
Follow through buying from Friday’s strong close, as the market was closed for Remembrance Day on Monday, further underpinned values, as did continued slow farmer selling.
The need to keep a weather premium built into prices until the South American soy crop is further along was also supportive.
However, the large Canadian canola supply situation continued to overhang the market, as did expectations of a record large South American soybean crop.
As of 8:41 CST Tuesday, 3,990 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:41 CST:
