By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Sept. 26 – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:45 CDT Friday, as spreading was a large feature of the activity.
The November 2014/January 2015 spread already had more than 7,000 trades as of 10:30 CDT on Friday, according to an analyst.
Some of the strength was also linked to the sharp weakness in the value of the Canadian dollar, as it sparked some fresh export demand for canola, brokers said.
A lack of aggressive farmer selling, as they are focusing on harvesting before unfavourable weather conditions return in Western Canada, was also bullish.
However, spillover pressure from the declines seen in Chicago soybean and soyoil futures helped to limit the advances.
Talk that Canadian canola production will be larger than first anticipated was also bearish.
As of 10:45 CDT Friday, about 31,277 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
