By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 4 (CNS Canada) – ICE Canada canola contracts were narrowly mixed Tuesday morning, although the bias was turning higher as harvest-delaying weather provided some support.
Rainfall across a large portion of the Canadian Prairies on Tuesday will cause delays for what’s left of the 2016 harvest, while forecasts calling for possibly freezing temperatures later in the week were also bullish.
Solid demand from domestic crushers, a weaker tone in the Canadian dollar, and supportive technical signals were also underpinning the canola market, according to participants.
However, Chicago Board of Trade soybeans and soyoil were down in early activity, which put some spill-over pressure on the Canadian market. Seasonal hedge pressure also remained a bearish influence, despite the weather concerns in some areas.
About 2,500 canola contracts had traded as of 8:51 CDT.
