By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 27 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were posting small gains at midday Thursday amid ongoing harvest delays in Saskatchewan and Alberta.
A large amount of canola is still in the fields in Alberta and Saskatchewan, where farmers continue to face cool and wet harvest conditions. With some fields likely to be left to overwinter, the uncertainty over Canadian production kept the bias to the upside, according to participants.
Chart-based buying was also supportive, as nearby technical signals remain pointed higher and fund traders were adding to their net long positions, said a broker.
However, losses in CBOT soyoil did put some pressure on values.
Profit-taking at the highs and expectations for a large US soybean crop also kept the gains in check.
About 11,000 canola contracts had traded as of 10:34 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
