|By Terryn Shiells, Commodity News Service Canada|
|August 24, 2012|
|WINNIPEG – Canola futures on the ICE Futures Canada platform were trading at stronger price levels at 8:30 CDT Friday, following advances seen in outside oilseed markets, analysts said.
Canola futures found support from the gains posted in the CBOT soybean complex early Friday. Much of the strength in soybeans was generated by the tight supply situation and strong demand for the oilseed, traders said.
Strength seen during overnight trade in Malaysian palm oil and European rapeseed also fuelled some of the advances in canola.
Steady domestic crusher demand and the downswing in the value of the Canadian dollar also helped canola move to the upside, market watchers said.
A smaller-than-anticipated production number for canola, as reported by Statistics Canada on August 22, also supported the market. Canadian canola production was pegged at 15.4 million tons, about 1 million less than the trade was expecting, participants said.
However, expectations that farmer deliveries into the cash pipeline will start to pickup soon limited the advances.
As of 8:30 CDT, about 1,100 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
|Nov||633.10||up 6.30 Jan 636.10 up 6.10 Mar 637.30 up 8.80 Milling Wheat Oct 296.20 unch Dec 303.20 unch Durum Oct 301.10 unch Dec 305.60 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton