By Dave Sims, Commodity News Service Canada
WINNIPEG, October 13 – Canola contracts on the ICE Futures Canada platform were stronger 10:37 CDT on Friday, in follow-through buying.
Solid gains in the vegetable oil market underpinned the market.
The USDA lowered its estimate for U.S. soybean yields yesterday.
Canola stocks are expected to be tight going forward.
Concerns over excess dryness in northern Brazilian soybean fields were bullish.
However, the liquidation of a “massive” number of canola/soy spreads is keeping a lid on the market, according to a Winnipeg-based trader.
Harvest weather in Western Canada is improving.
About 19,000 canola contracts had traded as of 10:37 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:37 CDT:
