By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 13 (CNS Canada) – ICE Futures Canada canola contracts were higher Wednesday morning, as the market managed to see a recovery off of nearby lows amid ideas that the recent losses were looking overdone.
Forecasts calling for cooler and wetter weather across most of the Prairies over the next week were also supportive, as harvest delays are likely in some areas. Declining Australian production prospects were also supportive, as the Australian Oilseeds Federation lowered its expectations on the size of that country’s canola crop.
Early strength in Chicago Board of Trade soybeans also helped underpin the canola market.
However, seasonal harvest pressure remained a bearish influence in the background as farmers continue to make steady deliveries into the commercial pipeline. A stronger tone in the Canadian dollar also helped temper the upside for canola.
About 2,700 canola contracts had traded as of 9:01 CDT.
Milling wheat, durum, and barley futures were all untraded.