By Terryn Shiells, Commodity News Service Canada
August 13, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 10:48 CDT Tuesday, following the gains seen in Chicago soybeans and soyoil, brokers said.
The Chicago soybean complex continued to find support from Monday’s USDA report which should smaller than expected 2013/14 US soybean production.
The downswing in the value of the Canadian dollar added to the bullish tone, as it helped improve crush margins.
Canola also found spill over support from the gains seen in outside oilseeds, including Malaysian palm oil and European rapeseed.
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Concerns about slow crop development in Western Canada due to recent cool weather also underpinned values.
However, forecasts calling for warmer weather this week, limited the gains, as did ideas that the Canadian canola crop will be large if there are no weather problems before harvest.
The technical bias remains pointed to the downside, which was also a bearish influence for the canola market.
Activity was on the lighter side, with spreading accounting for a good portion of the trade, according to participants. As of 10:48 CDT, about 12,725 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:48 CDT
