By Terryn Shiells, Commodity News Service Canada
Winnipeg, Nov 6 – Canola contracts on the ICE Futures Canada platform were mostly firmer Thursday morning, finding support from weakness in the value of the Canadian dollar, analysts said.
A continued lack of farmer selling into western Canadian cash markets also underpinned values, as did some follow-through buying on Wednesday’s gains.
Talk of strong Chinese demand for Canadian canola added to the bullish tone. Reports say the country will likely buy 5 million tonnes of canola this year, with a good chunk expected to come from Canada.
However, spillover pressure from the declines in Malaysian palm oil and European rapeseed futures overnight limited the advances.
Record large US soybean prospects were also bearish, though a mixed tone in the Chicago soy complex provided little direction for canola.
As of 8:42 CST, about 7,550 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:42 CST:
