By Dwayne Klassen, Commodity News Service Canada
February 28, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at mostly firmer price levels at 8:37 CST Thursday morning with some follow-through buying from Wednesday’s advances associated with the gains, market watchers said.
An upturn in nearby CBOT soybean futures helped to fuel some of the upward price action in canola. Light domestic crusher demand combined with some exporter pricing of old business also helped to inject some support, brokers said.
Continued worries about tight old crop canola further lifted canola futures.
Some chart-based buying was also evident and was helping to keep a firm price floor under canola, traders said.
The upside in canola was restricted by the declines seen overnight in Malaysian palm oil and European rapeseed values. Losses in CBOT soyoil early Thursday were also limiting the upside in canola.
As of 8:37 CST an estimated 698 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 8:37 CST.
