By Phil Franz-Warkentin, Commodity News Service Canada
September 19, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:52 CDT Thursday, as gains in CBOT soyoil and a slightly softer Canadian dollar provided support.
While CBOT soybeans are down, “we’re right in line with the product values,” said a canola trader on the modest gains being posted at midsession.
He said canola was looking attractively priced from an end-user standpoint, with routine exporter and domestic crusher demand behind some of the buying interest.
Harvest delays in some parts of Western Canada, due to recent rainfall, was also said to be underpinning the futures. However, the crop is still expected to be record large and steady farmer hedges were tempering the upside potential.
The Canadian dollar rallied sharply on Wednesday in response to statements from the US Federal Reserve, but was taking back some of those gains on Thursday.
About 13,000 canola contracts had traded as of 10:52 CDT.
Milling wheat, durum, and barley futures were untraded on Thursday.
Prices in Canadian dollars per metric ton at 10:52 CDT:
