By Dave Sims, Commodity News Service Canada
WINNIPEG, October 16 – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:45 CDT Friday, taking strength from gains in US soyoil and the weaker Canadian currency.
The Canadian dollar was lower relative to its US counterpart which made canola more attractive to foreign buyers.
So far, canola hasn’t shown any follow-through selling after yesterday’s weak close, a report said.
“I don’t expect any massive hedge pressure as Canadian farmers wrap up the last remaining bits of harvest,” an analyst noted.
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Parts of Brazil are too dry while others have had too much rain throwing some delays into soybean planting in that country, which was supportive.
Canola is enjoying floor support from the C$470 per tonne level.
However, US soybeans were weaker which dragged on values.
The technical bias is still leaning to the downside.
Farmer selling is picking up and harvest pressure continues to cast a bearish tone over the marketplace.
Around 9,000 contracts had traded as of 10:45 CDT,
Friday.
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 474.50 up 3.00
Jan 478.60 up 3.70
Mar 481.40 up 3.60
Milling Wheat Oct 232.00 unch
Dec 237.00 unch
Durum Oct 335.00 unch
Dec 340.00 unch
Dec 187.00 unch
