By Terryn Shiells, Commodity News Service Canada
December 20, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 10:34 CST Friday, lifted by spillover support from the gains seen in the Chicago soy complex, analysts said.
Worries about hot, dry weather harming soybean crops in Argentina were bullish for both soybean and canola futures.
Ideas that canola is underpriced compared to other oilseeds further underpinned prices, as did some short covering ahead of the holiday season.
The downswing in the value of the Canadian dollar also fuelled some of the advances, as it made canola more attractive to crushers and exporters.
However, the large Canadian supply situation, and expectations of bigger carryout stocks due to problems moving the crop, limited the upside.
As of 10:34 CST Friday, about 18,010 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 10:34 CST:
