By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 2, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were higher at 10:48 CST Wednesday, finding some support from the rally seen in CBOT soyoil.
Adjustments to the product spread on the first trading day of the New Year saw traders in the US buying soyoil and selling meal, which provided spillover support for canola given its high oil content, said a trader. He said improving crush margins were helped generate some buying interest in canola.
A lack of significant farmer selling and relatively favourable technical signals were also said to be underpinning canola values, according to participants.
However, losses in CBOT soybeans did temper the upside potential in canola.
Relatively favourable crop conditions for soybeans in South America were also overhanging the oilseeds.
At 10:48 CST, about 4,300 canola contracts had changed hands, with spreading only a minor factor.
Milling wheat, durum, and barley futures were untraded and unchanged.
