By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sep. 26 (CNS Canada) – ICE Futures canola contracts were stronger at midday Wednesday, hitting their best levels in two weeks as Prairie harvest delays and gains in Chicago Board of Trade soybeans provided support.
Cool and wet conditions continue to stall harvest operations across much of Western Canada, keeping prices well supported, according to participants. Rain delays for soybeans in parts of the United States added to the firmer tone in the oilseeds.
Chart-based buying added to the gains in canola, with the November contract back above the 20-day moving average for the first time since August.
However, forecasts calling for improving harvest weather in some areas over the next week put some pressure on values. Ideas that canola remains expensive compared to other oilseeds also tempered the gains.
About 7,800 canola contracts traded as of 10:46 CDT.
