By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Sept 29 – Canola contracts on the ICE Futures Canada platform were stronger at 8:47 CDT Monday, following the gains seen in Chicago soyoil and soybean futures, analysts said.
Forecasts calling for unfavourable harvesting weather in many parts of Western Canada this week were also supporting the market.
Recent weakness in the value of the Canadian dollar, as it remains below the 90 cents US mark, added to the bullish tone, as did spillover from the gains seen in Malaysian palm oil overnight.
However, reports of better than expected canola yields in some parts of Western Canada and some harvest pressure limited the advances.
Ongoing expectations of record large US soybean production and the market’s bearish technical bias also weighed on values.
Activity was very quiet Monday morning. As of 8:47 CDT, only about 815 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CDT:
