By Terryn Shiells, Commodity News Service Canada
August 15, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger Thursday morning, following the gains seen in the Chicago soybean complex, analysts said.
Spill over support from the advances seen in Malaysian palm oil and European rapeseed futures overnight added to the bullish tone.
Worries about slow crop development in Western Canada and concerns about early frosts causing damage to canola fields further underpinned prices.
A good demand outlook for 2013/14 (Aug/Jul) and continued worries about the tight old crop canola supply situation also supported values.
However, forecasts calling for beneficial warmer weather across Western Canada over the next few days helped to limit the advances.
The technical bias remains pointed to the downside, which was also limiting the upside in canola.
As of 8:40 CDT, about 3,140 canola contracts had traded.
Barley and durum futures were untraded and unchanged. Milling wheat futures were also untraded, though the Exchange moved prices slightly higher after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:40 CDT:
