By Terryn Shiells, Commodity News Service Canada
February 28, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 10:45 CST Thursday, as rumours of fresh export demand lifted values, analysts said.
Advances seen in CBOT soybeans also spilled over to support values. Soybeans moved higher with better than expected weekly export sales and tight supply concerns.
The Canadian dollar weakened further against the US dollar on Thursday, which also sparked some of the buying that took canola futures higher.
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Continued concerns about the tight Canadian canola supply situation and the need to ration demand further underpinned values.
However, declines seen in outside oilseed markets, including Malaysian palm oil, European rapeseed and CBOT soyoil helped to limit the advances in canola. Scale-up selling by farmers was noted, and also tempered the gains, brokers said.
Activity was on the light side, and there was little spread activity at midday Thursday, traders said. As of 10:45 CST Thursday, about 4,620 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
