By Phil Franz-Warkentin, Commodity News Service Canada
September 27, 2013
Winnipeg – ICE Canada canola contracts were stronger Friday morning, as speculative short-covering and solid end user demand helped prop up the futures ahead of the weekend.
The CBOT soy complex, Malaysian palm oil, and European rapeseed were all higher in overnight activity, which contributed to the firmer tone in canola. However, canola was outpacing soybeans to the upside, with some fresh export demand said to be a possibility in the Canadian market.
On the other side, the continued harvest of Canada’s record large canola crop was a bearish influence overhanging the market, despite rain related delays in some areas, as the commercial system is filling up with new crop supplies.
About 6,000 canola contracts had traded as of 8:44 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:44 CDT:
