By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 19 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Monday, as a rally in the Chicago Board of Trade soyoil provided underlying support.
Malaysian palm oil was also up in overnight activity, with the general strength in the outside vegetable oil markets pulling canola up as well, according to a broker.
Heavy rains in parts of the US Midwest over the weekend provided further support, while wind damage was reported in parts of the Canadian Prairies.
Optimism that China and Canada will reach an agreement on dockage allowances in canola shipments this week, as China’s Premier is set to visit Ottawa this week, contributed to the firmer tone in canola, said traders.
About 10,000 canola contracts had traded as of 10:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
