By Phil Franz-Warkentin, Commodity News Service Canada
October 29, 2014
Winnipeg – ICE Canada canola contracts were up Wednesday morning, recovering from overnight declines as the nearby technical bias remains pointed higher.
Gains in the CBOT soy complex provided some spillover support for canola, according to participants. Malaysian palm oil and European rapeseed futures were also up in overnight activity.
Canola moved above nearby technical resistance, which encouraged some additional chart-based buying.
A lack of significant farmer selling was another supportive influence, although the rising prices were bringing in some sales on a scale-up basis.
The advancing US soybean harvest and improving weather conditions for soybeans in Brazil were also said to be limiting the gains.
About 7,000 canola contracts had traded as of 8:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:44 CDT:
