By Dave Sims, Commodity News Service Canada
WINNIPEG, October 14 – Canola contracts on the ICE Futures Canada platform chopped slightly higher at 10:45 CDT Wednesday, taking strength from gains in US soyoil.
European rapeseed futures were firmer, which also lent support to values.
“There’s not much going on, just random swings back and forth; probably not a high-volume day,” said a trader.
Commercial demand has been steady while farmer selling has recently been on the sluggish side.
Follow-through buying could build on itself, an analyst suggested.
However, the Canadian dollar was stronger relative to its US counterpart which made canola less attractive to buyers overseas.
US soybeans were weaker on the day which pressured values.
Canola has run into resistance at the C$480 per tonne level.
Around 12,000 contracts had traded as of 10:45 CDT,
Wednesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
Price Change
Canola Nov 479.60 up 1.10
Jan 483.50 up 0.60
Mar 486.90 up 1.20
Milling Wheat Oct 234.00 unch
Dec 236.00 unch
Durum Oct 335.00 unch
Dec 335.00 unch
Barley Oct 190.00 unch
Dec 185.00 unch
