By Phil Franz-Warkentin, Commodity News Service Canada
November 29, 2013
Winnipeg – ICE Canada canola contracts were stronger Friday morning, recovering from Thursday’s losses.
Canola moved down on Thursday when US markets were closed for Thanksgiving, but a stronger tone in CBOT soybeans and soyoil early Friday helped pull the Canadian market back up. US markets will only be opened for a shortened session today. Solid export demand was behind some of the strength in soybeans.
Steady end user demand and continued weakness in the Canadian dollar helped underpin the canola market as well, according to traders.
However, Canada’s record large crop and logistical issues moving those supplies did continue to limit the upside potential. Canola also remains rangebound from a technical standpoint.
About 1,700 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:51 CST:
