By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 6 – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, taking some direction from the advances in CBOT soyoil.
Solid end user demand from both exporters and domestic crushers contributed to the firmer tone, according to participants. Farmer selling on the other side was steady, but was not enough to counter the upward move.
Recent rainfall in Alberta and Saskatchewan is causing delays to the last portion of this year’s harvest, providing some further support for values, according to a broker.
However, a firmer tone in the Canadian dollar, which has posted solid gains relative to its US counterpart over the past week, did limit the gains.
Chart resistance was also holding to the upside, with the technical bias starting to look a little bearish.
About 13,000 canola contracts had traded as of 10:52 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:52 CDT:
