By Jade Markus, Commodity News Service Canada
WINNIPEG, November 17 – ICE Canada canola contracts were stronger in early activity on Thursday, underpinned by ideas that farmer-selling could be slower due to a new cash-advance option.
The Canadian Canola Growers Association is now offering cash-advances for producers with unharvested grain and oilseeds, reducing the farmer’s need to sell, which is bullish.
Forecasts for more snow in Alberta and areas in northern Saskatchewan added to the upside, as it will put an end to harvest potential.
However, weakness in the Chicago Board of Trade soy complex limited gains Thursday morning.
Spillover weakness from the Malaysian palm oil market was also a feature.
About 5,433 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
