By Dave Sims, Commodity News Service Canada
WINNIPEG, Dec. 5 – ICE Canada canola contracts were mostly stronger on volatile trading Friday morning, following soybeans and receiving support from the Canadian dollar, which was lower against its American counterpart.
Spillover buying in European rapeseed futures and a lack of farmer selling helped to underpin the market.
Commercial buying has offset much of the bearish sentiment that was created by Thursday’s StatsCan report. The report indicated there was more canola out there than initially thought. Funds could go bargain shopping today as well, according to a market-watcher.
However, Malaysian palm oil and soyoil were lower which also weighed on the market.
Favourable prospects for development of the South American crop also cast a bearish tone over values, according to a trader.
About 6,000 canola contracts had traded as of 8:38 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CST:
