By Terryn Shiells, Commodity News Service Canada
October 2, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform moved higher Wednesday morning, lifted by strong commercial buying interest, analysts said.
Some of the strength was also linked to the downswing in the value of the Canadian dollar, as it made canola more attractive to foreign buyers.
A slowdown in farmer selling, as they’re holding out for stronger prices, also fuelled some of the advances.
Canola futures found further spillover support from the advances seen in Chicago soybeans and European rapeseed futures.
However, harvest pressure and expectations that Statistics Canada increase its canola crop production estimate in its report on Friday limited the gains.
Spillover pressure from the losses seen in Chicago soyoil futures was also bearish.
As of 8:35 CDT Wednesday, 6,240 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged following price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:35 CDT:
