By Terryn Shiells, Commodity News Service Canada
October 23, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger at 10:38 CDT Wednesday, supported by the sharp downswing in the value of the Canadian dollar, analysts said.
The Canadian currency lost nearly a cent against the US dollar at midday Wednesday, which helped to attract more export and crusher buying.
Spillover support from the advances seen in Chicago soybeans added to the bullish tone, as did technical based buying as the bias is now to the upside.
Slow farmer selling, as the harvest is nearly complete in Western Canada, kept a firm floor under the market, as did strong demand.
However, pressure from the advancing US soybean harvest and expectations for a record large South American soy crop limited the upside.
The large Canadian canola crop was also a bearish price influence.
As of 10:38 CDT Wednesday, about 15,365 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:38 CDT:
