By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 1 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Thursday, as the market remained supported by China’s move to delay the implementation of stricter dockage allowances.
China had been set to lower the amount of dockage it would allow in Canadian canola shipments from 2.5 per cent down to one per cent on September 1, but a deal was reached to extend that deadline as further negotiations take place.
Chart-based buying was another supportive influence, with the nearby technical bias shifting back to the upside, according to analysts.
Weather related harvest delays in parts of Western Canada were also supporting the futures, although traders are still generally expecting a very large crop when it is eventually harvested.
Losses in the Chicago Board of Trade soyoil futures and a firmer tone in the Canadian dollar also weighed on values.
About 10,000 canola contracts had traded as of 10:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
