By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 5 (CNS Canada) – ICE Canada canola contracts were holding onto small gains Wednesday morning, seeing some follow-through buying interest after rising the previous two sessions.
Rainfall and cooler temperatures across much of the Canadian Prairies is raising concerns for the fields still left to be harvested.
Solid end-user demand and bullish chart signals contributed to the gains, according to participants.
However, losses in Chicago Board of Trade soyoil put some pressure on values. Seasonal hedge pressure and expectations for a large crop when the harvest is eventually complete also weighed on prices.
The Canadian dollar was holding near unchanged in early activity, providing little direction.
About 2,200 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded.
