By Phil Franz-Warkentin, Commodity News Service Canada
October 15, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were steady to mostly higher at 10:46 CDT Tuesday, as gains in CBOT soyoil spilled over to provide some support.
Good end user demand contributed to the firmer tone in canola. Domestic crushers are running at nearly 90% capacity according to the latest Canadian Oilseed Processor Association data. Exporters are also on the buy side, with China making purchases at current values, according to participants.
However, Canada’s record large canola crop did limit the upside potential.
Uncertainty over the size of the US soybean crop, as the lack of official government data from the country keeps some caution in the futures, also put some pressure on canola, according to a broker.
About 18,000 canola contracts had traded as of 10:46 CDT, with inter-month spreading a feature.
Milling wheat, durum, and barley futures were untraded on Tuesday.
Prices in Canadian dollars per metric ton at 10:46 CDT:
