By Dave Sims, Commodity News Service Canada
WINNIPEG, October 31 – Canola contracts on the ICE Futures Canada platform were stronger on choppy trading at 10:50 CDT Friday, following the soy complex and a sharply lower Canadian dollar.
“Canola still hasn’t caught up from its weak action on Wednesday when it lost twenty dollars per tonne to the US markets, it gained back about 12 dollars of that yesterday,” said an analyst.
Short-covering, a rise in Malaysian palm oil values and spillover support from other markets underpinned the market.
“US markets look like they’re peaking out, but they’re not giving up yet,” said the analyst, noting the inversion on the November contract indicated commercial groups want to keep canola moving.
Rain in drought-stricken regions of Brazil continued to pressure values, as they provided relief to nervous investors.
About 12,700 canola contracts had traded as of 10:50 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
