By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 6 – Canola contracts on the ICE Futures Canada platform were stronger Friday morning, following the advances seen in Chicago soyoil futures.
Chart-based buying, after futures found some support following Thursday’s losses, also helped to lift the market, brokers said.
Slow farmer selling, and the need to keep a weather premium built into prices, as there are still some concerns about delayed seeding in some parts of Western Canada, added to the bullish tone.
The downswing in the value of the Canadian dollar was also supportive, as it made canola more attractive to crushers and exporters.
However, spillover pressure from the losses seen in European rapeseed and Malaysian palm oil futures overnight limited the advances.
Generally favourable growing conditions for North American oilseed crops this spring were also bearish.
As of 8:47 CDT Friday, about 1,200 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CDT:
