By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 22 (CNS Canada) – ICE Futures Canada canola contracts were posting solid gains at midday Friday, as fund buying provided support.
Supportive chart signals contributed to the gains, as the most active November contract climbed to its highest point in two-weeks before running into resistance at the 200-day moving average.
Gains in Chicago Board of Trade soybeans provided spillover support, with the solid export demand for US beans helping pull canola up as well, according to a broker.
However, seasonal harvest pressure tempered the gains, as farmers continue to make steady deliveries into the commercial pipeline. A firmer tone in the Canadian dollar also weighed on values.
About 12,000 canola contracts had traded as of 10:59 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
