|By Phil Franz-Warkentin, Commodity News Service Canada|
|Oct. 31, 2012|
|Winnipeg – ICE Canada canola futures were posting small gains Wednesday morning, taking some direction from the firmer tone in CBOT soybeans.
Excessive rainfall in parts of South America was slowing seeding operations in some areas, accounting for some of the buying interest in the oilseed markets Wednesday morning.
Overnight advances in Malaysian palm oil and European rapeseed futures also lent some spillover support to canola, said participants.
Ongoing concerns over the size of the Canadian canola crop, and the need to ration demand going forward, were also supportive for canola. However, declining crush margins and ideas that canola is looking overpriced compared to other oilseeds did slow the advances.
As a result canola was holding well within its recent trading range.
US financial markets in New York reopened on Wednesday, after being closed due to Hurricane Sandy the past two days.
About 950 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Futures Prices as of May 21, 2013
Prices are in Canadian dollars per metric ton