By Dave Sims, Commodity News Service Canada
WINNIPEG, October 31 – Canola contracts on the ICE Futures Canada platform were higher at 10:45 CDT on Monday, taking strength from weather delays in the Canadian harvest.
Concerns over the lagging harvest in Western Canada added to the upside, as many people are uncertain how much more harvesting will get done before winter.
The technical bias has turned higher.
Gains in US soybeans were supportive for canola.
The Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to foreign buyers.
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However, canola futures were still vulnerable to a downturn from a technical perspective, according to a Winnipeg-based analyst.
“We’re right about where resistance is (C$525 per tonne mark), so this will be an interesting test for this market if it can get through this,” he explained.
The price of canola still translates to the C$11 per bushel mark, said the analyst. He noted this would prompt many producers to deliver supplies, which would add to the volume on the market.
About 8,000 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT:
