By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 24 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, hitting fresh four-month highs as the technicals and fundamentals remain supportive.
Ongoing harvest delays facing the final fifth of Canada’s canola crop remained supportive, according to participants.
Forecasts calling for tighter palm oil supplies this year remained supportive for the vegetable oil markets in general, which also underpinned canola despite a modest correction in Chicago Board of Trade soyoil on Tuesday.
The nearby chart signals are still pointed higher for canola, which kept speculators on the buy side.
However, losses in the CBOT soy complex did put some spillover pressure on values. A slightly firmer tone in the Canadian dollar also tempered the advances.
About 22,000 canola contracts had traded as of 10:48 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
