By Terryn Shiells, Commodity News Service Canada
July 17, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mostly stronger at 10:39 CDT Wednesday, supported by the downswing in the value of the Canadian dollar, analysts said.
The weaker Canadian dollar makes canola crush margins more attractive, as well as reduces the cost of the commodity for foreign buyers.
A slowdown in speculative selling also helped to underpin the canola market, brokers noted.
Some short covering provided further support, as did the need to keep a weather premium built into the market.
However, some spillover pressure from the losses seen in Chicago soybeans helped to limit the advances, as did a pickup in farmer selling.
Reports that most canola growing regions across western Canada have seen good weather so far also served to temper the gains.
As of 10:39 CDT, about 5,465 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:39 CDT:
