By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 15 – ICE Canada canola contracts were stronger Tuesday morning, seeing some spillover support from the advances in CBOT soybeans.
Declining condition ratings for the US soy crop were said to be behind some of the buying interest in both oilseed markets this morning.
Ongoing concerns over wet and cool conditions causing harvest delays in parts of Western Canada were also keeping canola supported, according to participants.
In addition, the nearby technical bias has shifted higher for canola, said analysts.
However, CBOT soyoil and Malaysian palm oil were both lower overnight, which put some pressure on canola. Ideas that harvest pressure will soon be picking up, despite the recent delays, were also in the background; preventing end users from getting too aggressive on the buy-side.
About 4,000 canola contracts had traded as of 8:54 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:54 CDT:
