| By Terryn Shiells, Commodity News Service Canada |
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 8:30 CDT, following the gains seen in CBOT soybeans, analysts said.
Much of the buying that took soybeans up was linked to weakness in the value of the US dollar, industry officials said.
Sentiment that the market was oversold and in need of an upward correction following Thursday’s declines also helped both soybeans and canola move to higher ground, participants said.
Concerns about tight canola supplies due to lower reported yields as the harvest progresses in western Canada also generated some of the price strength.
However, general firmness in the value of the Canadian dollar and expectations of a large South American soybean crop, which could help ease the tight global supply situation, limited the advances.
Weakness in outside oilseed markets, including European rapeseed, Malaysian palm oil and CBOT soyoil also tempered the gains in canola.
Activity was on the light side Friday morning. As of 8:30 CDT, about 670 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CDT: |
|
|
Price |
Change |
| Canola |
|
Nov |
620.80 |
up 3.40 Jan 623.20 up 2.50 Mar 624.40 up 4.40 Milling Wheat Oct 295.50 unch Dec 301.30 unch Durum Oct 310.10 unch Dec 314.60 unch Barley Oct 250.30 unch Dec 255.30 unch |
|
