By Terryn Shiells, Commodity News Service Canada
November 22, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 10:37 CST Friday, following the gains seen in Chicago soybeans and soymeal, analysts said.
Some of the strength seen in the market was also linked to weakness in the value of the Canadian dollar, which fell below 95 cents US on Friday. The weaker currency made canola more attractive to crushers and exporters.
Speculative based short covering was also a supportive feature in the market, with some fund activity noted, brokers said.
However, the gains in canola were limited by spillover pressure from the losses seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures.
A pick up in farmer selling following Thursday’s rally also weighed on prices.
As of 10:37 CST Friday, about 16,580 contracts had traded. Spreading was a feature of the trade and helped to augment the volume total.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:37 CST:
