|By Terryn Shiells, Commodity News Service Canada|
|October 26, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 8:31 CDT Friday, as strong commercial demand underpinned values, analysts said.
Continued concerns about the tight Canadian canola supply situation also provided a firm floor for values Friday morning, brokers said.
The downswing in the value of the Canadian currency, as it gets closer to reaching the parity level with its US counterpart, also fuelled some of the advances. A weaker Canadian currency makes canola less expensive to foreign buyers.
A positive tone seen in European rapeseed futures during overnight trade also added to the bullish price sentiment.
However, weakness seen in the CBOT soybean complex Friday morning slowed the advances seen in canola. Much of the selling that took soybeans down was linked to global economic concerns, as Spain seems to be heading further into recession.
Expectations of a record large soybean crop in South America were also an undermining price influence for both CBOT soybeans and canola values, market watchers said.
As of 8:31 CDT, about 1,545 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:31 CDT:
|Nov||619.00||up 2.00 Jan 619.00 up 2.30 Mar 617.20 up 2.40 Milling Wheat Dec 308.50 unch Mar 318.00 unch Durum Dec 312.40 unch Mar 319.00 unch Barley Dec 250.00 unch Mar 253.00 unch|
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton