By Terryn Shiells, Commodity News Service Canada
Winnipeg, Oct 14 – Canola contracts on the ICE Futures Canada platform were moving higher Tuesday morning, catching up with the sharp gains seen in CBOT soybean futures on Monday, when Canadian markets were closed for Thanksgiving.
Chicago soybean futures were also stronger Tuesday morning, which provided further support for canola. Concerns about unfavourable wet weather in the US Midwest were behind the gains in soybeans on Monday and Tuesday.
Overnight advances in European rapeseed futures added to the bullish tone, as did the downswing in the value of the Canadian dollar, analysts said.
Worries about dry conditions hindering South American soybean production this year also underpinned the canola market.
However, ongoing expectations of record large US soybean production and talk that Canadian canola prospects are looking better than first anticipated limited the advances.
As of 8:44 CDT Tuesday, about 9,900 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 8:44 CDT:
