By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 11 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, as the market ‘played catch-up’ with the Chicago Board of Trade soyoil market.
Soyoil posted solid gains on Monday, when Canadian markets were closed for Thanksgiving.
Uncertainty over the size and quality of Canada’s crop remained supportive as well, as farmers continue to deal with cold and wet conditions for the final stages of harvest.
However, the crop is still expected to be large overall, which limited the upside. Relatively favourable US harvest conditions remain bearish as well, while South America is also gearing up for large soybean plantings of their own.
The USDA releases its monthly supply/demand reports on Wednesday, and positioning ahead of the data was expected to be a feature throughout Tuesday’s session.
About 18,000 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
