By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 7 (CNS Canada) – ICE Canada canola contracts were bouncing around both sides of unchanged Friday morning, although the bias turned higher as traders squared positions ahead of the long weekend.
Canadian markets will be closed Monday, October 10, for Thanksgiving, while US markets remain open. Positioning ahead of the long weekend is expected to be a feature throughout the day.
Adverse weather conditions across a large portion of Western Canada accounted for much of the buying interest, as the final stages of harvest face delays and quality concerns are mounting.
Gains in Chicago Board of Trade soybeans were also supportive for canola, although soyoil was lower in early activity.
Ideas that canola supplies will still be large overall, despite the latest weather concerns, also served to temper the advances, according to participants.
About 2,800 canola contracts had traded as of 8:59 CDT.
Milling wheat, durum, and barley futures were all untraded.
