By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 26 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Wednesday, as advances in Chicago Board of Trade soybeans provided support.
Concerns over just how much of Canada’s crop may be left unharvested, due to adverse weather that continues to cause delays in parts of Alberta and Saskatchewan, contributed to the firmer tone.
Chart-based buying was also supportive, as nearby technical signals remain pointed higher, according to participants.
However, losses in CBOT soyoil did put some pressure on values.
Profit-taking at the highs and expectations for a large US soybean crop also kept the gains in check.
About 18,000 canola contracts had traded as of 10:46 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
