By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 8 – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, seeing a corrective bounce to start the week after posting steep losses ahead of the Labour Day long weekend.
“Canola is seeing a good rally today,” said a broker, adding that advances in CBOT soyoil were providing spillover support. Fresh export business was also supportive.
Harvest delaying rains in parts of Western Canada over the weekend contributed to the gains. A lack of significant farmer selling was also noted, as declining cash prices discouraged some country movement.
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On the other side, a firmer tone in the Canadian dollar did temper the advances to some extent. The general technical downtrend also remains in place, according to analysts.
The USDA releases its monthly supply/demand report on Friday, and positioning ahead of the data is expected to be a feature over the next few days.
About 10,000 canola contracts had traded as of 10:56 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:56 CDT:
