By Terryn Shiells, Commodity News Service Canada
Winnipeg, Feb. 11 – Canola contracts on the ICE Futures Canada platform were stronger Wednesday morning, finding support from the weakening Canadian dollar. The softer loonie makes canola more attractive to crushers and exporters.
Steady commercial demand for Canadian canola added to the bullish tone, analysts said.
Further support came from Tuesday’s USDA report, as it showed smaller than expected ending stocks of US soybeans for 2014/15.
However, spillover pressure from the weakness in Chicago soyoil, Malaysian palm oil and European rapeseed futures limited the advances. CBOT soybean futures were little changed.
Generally good conditions for an expected record large soybean crop out of South America were also overhanging the oilseed markets.
As of 8:43 CST Wednesday, about 5,100 contracts had traded.
Milling wheat, durum and barley futures were untraded following revisions after Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:43 CST:
