By Phil Franz-Warkentin, Commodity News Service Canada
October 17, 2013
Winnipeg – ICE Canada canola contracts were stronger Thursday morning, seeing some follow-through buying interest on Wednesday’s firmer close.
Continued strength in the CBOT soy complex contributed to the gains in canola, according to participants. Yesterday’s bounce was also supportive from a technical standpoint, with the nearby chart signals said to be shifting higher.
Solid export and domestic crusher demand remains a supportive influence as well.
However, with Western Canadian farmers holding onto a record large canola crop this year, any advances were seen as good selling opportunities, said traders.
The firmer tone in the Canadian dollar, together with declines in the outside Malaysian palm oil and European rapeseed futures, tempered the gains in canola as well.
About 6,000 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded, although wheat prices were adjusted following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:48 CDT:
