By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 16 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were holding onto small gains at midday Wednesday, as solid end user demand and a lack of significant selling pressure remained supportive.
Ideas that some canola will still be left unharvested in Western Canada over the winter added to the firmer tone, as supplies are expected to tighten, according to participants.
Recent weakness in the Canadian dollar was also underpinning canola, although the currency was showing some strength at midday.
Losses in CBOT soybeans and soyoil put some spillover pressure on canola, tempering the advances.
About 9,000 canola contracts had traded as of 10:44 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
