By Phil Franz-Warkentin, Commodity News Service Canada
November 14, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:47 CST Thursday, as the weaker Canadian dollar and gains in CBOT soyoil provided support.
The combination of the rising product values and softer currency helped crush margins improve, and domestic processors were said to be showing good demand.
A lack of fund selling on the other side was also underpinning the futures, according to a broker who noted that the nearby chart signals were supportive.
However, resistance was also still holding to the upside, keeping the canola market rangebound overall.
Slight declines in CBOT soybeans, the large Canadian supply situation, and the good crop prospects in South America also tempered the advances, according to participants.
About 13,000 canola contracts had traded as of 10:47 CST.
Milling wheat, durum, and barley futures were untraded on Thursday after wheat saw some minor adjustments following yesterday’s close.
Prices in Canadian dollars per metric ton at 10:47 CST:
