By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 7 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Wednesday, as solid end user demand provided support.
Canola remains relatively cheap compared to other oilseeds, which was keeping exporters and domestic crushers on the buy side, according to participants.
Advances in Chicago Board of Trade soyoil added to the firmer tone in canola.
Tuesday’s slightly smaller than expected canola production estimate from Statistics Canada remained somewhat supportive as well, although market participants generally anticipate upward revisions in future reports.
The Canadian dollar was showing some strength on Wednesday, which tempered the upside potential in canola. A mixed tone in CBOT soybeans also served to put some pressure on the Canadian oilseed.
About 15,000 canola contracts had traded as of 10:51 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
