By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Jan. 7 – Canola futures on the ICE Canada trading platform were moving higher at midday Wednesday, following the gains seen in Chicago soyoil futures, analysts said.
The sharply lower Canadian dollar was also bullish, as it made canola more attractive to crushers and exporters. At midday Wednesday, the loonie was down 30 points at the 84.29 cents US mark.
Spillover support from the gains in Malaysian palm oil and European rapeseed futures also underpinned values, as did continued strong demand for Canadian canola.
Ongoing worries about untimely monsoons damaging Malaysia’s palm oil crop also lifted prices.
However, some spillover pressure came from the weakness in Chicago soybean futures.
Some light farmer selling at the highs was also bearish, as were generally favourable conditions for South American soybean crops.
As of 10:37 CST Wednesday, about 13,600 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:37 CST:
