By Terryn Shiells, Commodity News Service Canada
October 8, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger at 10:46 CDT Tuesday, finding some spillover support from the gains seen in Chicago soyoil futures, analysts said.
Some of the strength was also linked to the advances seen in Malaysian palm oil and European rapeseed futures overnight.
Canola futures were further underpinned by strong commercial demand and weakness in the value of the Canadian dollar.
Technical based buying, as canola futures seem have found good support in the C$475 to C$480 per tonne area, also fuelled some of the advances, brokers said.
However, continued expectations of a record large Canadian canola crop tempered the advances, as did pressure from advancing canola and soybean harvests in Canada and the US.
Spillover pressure from the losses seen in Chicago soybean futures was bearish as well.
As of 10:46 CDT Tuesday, about 5,075 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:46 CDT:
