By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Dec. 17 – Canola futures on the ICE Canada trading platform were firmer on Wednesday, outpacing the Chicago soybean market.
Chart-based buying and continued steady demand for canola were underpinning values, analysts said. Exporters and domestic crushers remain steady buyers of canola.
Slow farmer selling was also bullish, as they are on the sidelines ahead of the new tax year.
The downswing in the value of the Canadian dollar provided further support, as it made canola more attractive to foreign buyers.
However, spillover pressure from the weakness in Chicago soyoil and Malaysian palm oil futures limited the advances.
The large US soybean supply situation and generally favourable weather conditions for South American oilseeds were also bearish.
As of 10:44 CST Wednesday, about 14,100 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:44 CST:
