By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Nov. 21 – Canola contracts on the ICE Futures Canada platform were stronger Friday morning, following the gains seen in Chicago soybean and soyoil futures, analysts said.
Spillover support also came from gains in European rapeseed futures overnight.
Continued slow farmer selling of Canadian canola into Prairie cash markets, as they wait for better prices, further underpinned the market.
Steady commercial demand and concerns about dryness in the northern growing regions of South America harming soybean crops also lifted prices.
However, spillover pressure came from the weakness in Malaysian palm oil futures.
The upswing in the value of the Canadian dollar was also limiting the gains, as it made canola less attractive to foreign buyers.
As of 8:38 CST, about 2,400 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Thursday’s close.
Prices in Canadian dollars per metric ton at 8:38 CST:
