By Phil Franz-Warkentin, Commodity News Service Canada
November 1, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:41 CDT Friday, taking some direction from the advances posted in CBOT soyoil.
Solid end user demand, primarily from domestic crushers, added to the firmer tone in canola, according to participants. The continued lack of significant farmer selling, as producers are said to be holding out for higher prices, was also supportive.
However, canola was running into some upside resistance which limited the gains. The most active January contract remains hard pressed to break above C$500 per tonne, with selling picking up at that chart point, according to a trader.
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The record large crop grown in Western Canada this year also remains a bearish influence overhanging the market.
The USDA will release its first supply/demand report in two months on November 8, and positioning ahead that report is expected to remain a feature in the grains and oilseed over the next week.
About 9,500 canola contracts had traded as of 10:41 CDT.
Milling wheat, durum, and barley futures were untraded on Friday.
Prices in Canadian dollars per metric ton at 10:41 CDT:
