By Terryn Shiells, Commodity News Service Canada
October 10, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger at 10:39 CDT Thursday, lifted by spillover support from the gains seen in outside oilseed markets, including Malaysian palm oil, European rapeseed and Chicago soyoil.
Some optimism that the US government shutdown will end soon provided further support for values, according to brokers.
Concerns about rains causing problems for farmers trying to finish up the last of the canola harvest in Manitoba and Saskatchewan later this week were bullish as well.
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A general slowdown in farmer selling, as they’re waiting for stronger prices now that harvest is nearing completion, was supportive. But, the gains in the market were seen as good selling opportunities for producers, which limited the upside.
The upswing in the value of the Canadian dollar was also bearish, as it made canola more expensive to crushers and exporters.
As of 10:39 CDT Thursday, about 17,195 contracts had traded. Spreading was a feature of the trade and helped to augment the volume total.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:39 CDT:
