By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Sept 24 – Canola contracts on the ICE Futures Canada platform were higher at 10:50 CDT Wednesday, testing the psychological level of C$400 per tonne in the November contract, following the gains seen in Chicago soyoil futures, analysts said.
Some spillover support also came from the advances seen in Chicago soybean and European rapeseed futures.
The downswing in the value of the Canadian dollar was making canola more attractive to crushers and exports, adding to the bullish tone.
The need to keep a weather premium built into the market provided further support, as did steady demand for the Canadian oilseed.
However, weakness in Malaysian palm oil futures spilled over to weigh on canola, limiting the upside.
Pressure from the advancing harvests in Western Canada and the US this week, as weather conditions are very favourable, was also bearish.
As of 10:50 CDT Wednesday, about 7,500 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
