By Phil Franz-Warkentin, Commodity News Service Canada
October 18, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:48 CDT Friday, trading near the top end of their recent range as the market took some direction from the gains in CBOT soyoil.
Malaysian palm oil and European rapeseed futures were also higher in overnight activity, which contributed to the firmer tone in canola.
Solid export and domestic crusher demand was also supportive, according to a trader. However, canola was holding range-bound overall with technical resistance to the upside limiting the gains.
Canada’s record large canola crop also continues to overhang the market, making any advances good selling opportunities. Farmer hedges were said to be picking up at the highs.
About 10,000 canola contracts had traded as of 10:48 CDT, with November/January spread a feature as participants roll out of the front month.
Milling wheat, durum, and barley futures were untraded on Friday.
Prices in Canadian dollars per metric ton at 10:48 CDT:
