By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 22 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Thursday, as gains in Chicago Board of Trade soyoil provided some spillover support.
Ideas that Wednesday’s losses were overdone provided further support as the nearby technical bias has shifted slightly higher, according to analysts.
Persistent harvest delays in parts of Western Canada were also supportive, with the adverse weather causing some industry participants to reconsider their optimistic production forecasts.
News that China and Canada had reached an agreement on canola dockage in shipments was also supportive, as the trade dispute had raised concerns over exports to the major buyer.
The Canadian dollar was stronger relative to its US counterpart, which tempered the advances.
About 10,500 canola contracts had traded as of 10:52 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
