By Terryn Shiells, Commodity News Service Canada
September 9, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 10:41 CDT Monday. The November contract was hovering around the key support level of C$500 per tonne, correcting after closing below that point on Friday, analysts said.
Some of the strength in the market was linked to a pickup in crusher buying, which was linked to ideas that canola is more attractively priced than other oilseeds.
The need to keep a weather premium built into prices until harvest activities are complete in Western Canada provided further support.
However, spillover pressure from the losses seen in the Chicago soy complex helped to limit the upside.
Pressure from the advancing harvest in Western Canada and continued expectations that the Canadian canola crop will be record large were also bearish.
Activity was on the heavier side at midday Monday. As of 10:41 CDT, about 14,275 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 10:41 CDT:
