By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 14 – ICE Canada canola contracts were stronger Monday morning, as gains in most outside vegetable oil markets – including CBOT soyoil and Malaysian palm oil – provided spillover support.
Canola was also seeing some follow-through buying interest after Friday’s firm close, as the fact that the Canadian oilseed ignored the relatively bearish USDA report on soybeans was seen as a sign of independent strength.
Wet and cool harvest-delaying weather conditions in parts of Western Canada were also lending some underlying support to canola, according to participants.
However, expectations that the harvest pressure will soon be picking up, despite the delays, served to limit the upside potential.
About 3,700 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
