By Phil Franz-Warkentin, Commodity News Service Canada
October 23, 2013
Winnipeg – ICE Canada canola contracts were stronger Wednesday morning, seeing some follow-through buying after rallying higher on Tuesday.
The futures were poised to break out of their month-long trading range, and speculative buying built on itself to keep prices pointed up.
Solid export and domestic crusher demand remained supportive as well, with gains in CBOT soybeans and the softer Canadian dollar contributing to the firmer tone as well.
A lack of significant farmer selling, as harvest operations wrap up across western Canada, was also supportive. However, the large crop grown this year does continue to overhang the market.
The advancing US soybean harvest and expectations for a large South American soybean crop this year put some pressure on canola values as well.
About 8,000 canola contracts had traded as of 9:01 CDT.
Milling wheat, durum, and barley futures were all untraded, although wheat prices were adjusted following Tuesday’s close.
Prices in Canadian dollars per metric ton at 9:01 CDT:
