By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 14 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were up sharply at midday Friday, as a rally in Chicago Board of Trade soyoil and adverse weather in Western Canada provided support.
Environment Canada has issued weather warnings and alerts across much of the central and northern growing regions of Alberta and Saskatchewan, with up to 15 centimetres of snow forecast in some areas. The latest snow is adding to concerns over unharvested fields, said traders.
Speculators were noted buyers, covering short positions and moving to the long side. Domestic crushers were also said to be showing some demand, as crush margins remain favourable.
Canola was actually lagging the product values to the upside, with soyoil up by roughly a cent per pound.
About 25,000 canola contracts had traded as of 10:39 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
