By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 6 (CNS Canada) – ICE Canada canola contracts were stronger Thursday morning, as persistent weather concerns in parts of the Prairies provided support.
Snowfall in some areas of Western Canada and rain in others has caused further delays for the final stages of harvest. Colder temperatures are also in the forecast, heightening the possibility of crop damage.
Advances in Chicago Board of Trade soyoil and a softer tone in the Canadian dollar were also supportive.
However, CBOT soybeans were down in early activity, which put some pressure on values.
Ideas that canola supplies will still be large overall, despite the latest weather concerns, also served to temper the upside, according to participants.
About 2,000 canola contracts had traded as of 8:59 CDT.
Milling wheat, durum, and barley futures were all untraded.
