By Phil Franz-Warkentin, Commodity News Service Canada
October 21, 2013
Winnipeg – ICE Canada canola contracts were stronger Monday morning, seeing some follow-through buying on Friday’s firmer close.
Gains in CBOT soyoil, Malaysian palm oil, and European rapeseed futures contributed to the strength in canola, according to traders.
Solid exporter and domestic crusher demand, the slightly weaker Canadian dollar, and relatively supportive technical signals helped underpin the futures as well.
However, Canada’s record large canola crop remains a bearish influence overhanging the market, with any advances still seen as good selling opportunities.
The advancing US soybean harvest and early expectations for large South American soybean crops this year also put some pressure on canola values.
About 2,800 canola contracts had traded as of 8:41 CDT.
Milling wheat, durum, and barley futures were all untraded, although wheat prices were adjusted following Friday’s close.
Prices in Canadian dollars per metric ton at 8:41 CDT:
