By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Jan. 8 – Canola futures on the ICE Canada trading platform were stronger at midday Thursday, lifted by technical-based buying by speculators, analysts said.
Spillover support also came from the gains seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures.
Worries about unfavourable weather damaging Malaysian palm oil crops and signs that export demand for global oilseeds is improving added to the bullish tone.
However, light farmer selling at the highs helped to limit the advances. Farmers have only been selling small amounts of canola on the highs, as elevators have widened basis levels in reaction to recent strength in the futures, brokers said.
Spillover pressure from the declines seen in Chicago soybean futures was also bearish, as were generally good conditions for South American oilseeds.
As of 10:40 CST Thursday, about 13,600 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
