October 30, 2008
Rapeseed futures on the ICE Canada platform were higher as a number of commodity and financial markets rallied sharply, brokers said.
Price support spilled over into rapeseed Wednesday (October 29) as stock markets and commodity markets saw a continuation of Tuesday's rebounds, traders said.
Higher CBOT soy values helped to strengthen rapeseed - contracts, as did large advances in global crude oil prices, which were supportive for oilseed markets, traders said. Limit-up gains in CBOT soy oil futures contributed to the firmness in rapeseed as well.
According to brokers, speculative short-covering helped to boost rapeseed values, as did commercial, commission house and local buying. Domestic crusher demand also underpinned the market.
Farmer selling was on the light side, despite the rallying values, traders said.
Buying interest in rapeseed was being tempered, however, by the Canadian dollar, which was trading at sharply stronger levels Wednesday.
The large Canadian rapeseed crop in western Canada also served as a negative price influence, brokers said.