By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Oct. 22 – Canola futures in the ICE Canada trading platform rallied at midsession Wednesday, following the gains seen in Chicago soybean and soyoil futures. Canola was also catching up with Tuesday’s sharp gains in the US markets, when the Canadian market ended lower.
Some spillover support also came from the overnight advances in Malaysian palm oil and European rapeseed futures, analysts said.
Ongoing worries about harvest delays in the US Midwest and planting problems for South American soybeans added to the bullish tone.
However, talk that Canadian canola production will be larger than the most recent Statistics Canada guess of 14.1 million tonnes limited the gains.
Farmer selling and profit taking at the highs of the day also weighed on values.
As of 10:47 CDT Wednesday, about 13,100 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:47 CDT:
