By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 1 (CNS Canada) – ICE Futures Canada canola contracts were mostly stronger at midday Wednesday, seeing some follow-through buying interest on recent gains.
Gains in the Chicago Board of Trade soy complex and the recent weakness in the Canadian dollar remained supportive for canola. Fund traders adding to their net long positions contributed to the advances, according to participants.
A lack of significant farmer selling, as post-harvest cash-flow needs have been dealt with and producers hold out for higher prices, was also supportive, according to a broker.
However, canola was nearing major upside resistance from a chart standpoint, putting some pressure on values.
About 8,500 canola contracts had traded as of 10:50 CDT.
