By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 15 (CNS Canada) – ICE Canada canola contracts were stronger Thursday morning, as gains in Chicago Board of Trade soyoil provided some spillover support.
Wet, harvest-delaying, weather in parts of Western Canada helped underpin the futures as well. Supportive chart signals, recent weakness in the Canadian dollar, and ideas that canola remains cheap compared to other oilseeds contributed to the firmer tone.
However, harvest operations are still moving forward in many areas and most industry participants are bracing for a large crop, which limited the upside. Burdensome US soybean supplies were also overhanging the oilseed markets in general.
About 1,700 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded.
