By Phil Franz-Warkentin, Commodity News Service Canada
October 18, 2013
Winnipeg – ICE Canada canola contracts were stronger Friday morning, as gains in most outside oilseed markets spilled over to provide support.
After turning lower at Thursday’s close, canola was due for a bit of a correction higher, although prices were holding rangebound overall.
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 remains supportive 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.
Continued strength in the Canadian dollar also served to temper the advances, according to participants.
About 7,000 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded, although wheat prices were adjusted following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:51 CDT:
