By Terryn Shiells, Commodity News Service Canada
October 9, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger at 10:44 CDT Wednesday, following the advances seen in Chicago soyoil futures, analysts said.
Weakness in the value of the Canadian dollar, which lost more than a quarter of a cent against the US dollar at midday Wednesday, was supportive as well. The softer Canadian currency makes canola more attractive to crushers and exporters.
Technical based buying and spillover support from the gains seen in Malaysian palm oil and European rapeseed futures overnight added to the bullish tone.
Canola futures were also underpinned by some uncertainty surrounding the size of the US soybean crop due to a lack of reports from the USDA amid the US government shutdown.
However, pressure from advancing oilseed harvests in Canada and the US helped to limit the gains, as did expectations of a record large Canadian canola crop.
As of 10:44 CDT Wednesday, about 15,075 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:44 CDT:
