By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 18 (CNS Canada) – ICE Futures Canada canola contracts were holding onto small gains at midday Wednesday in thin and choppy activity.
Intermonth spreading accounted for the bulk of the volumes, as participants continued to roll their positions out of the nearby November contract and into January.
Heavy winds across Western Canada were somewhat supportive, with damage possible for any unharvested canola still out there.
However, the harvest is complete in most areas and the seasonal slowdown in farmer selling was also a bit supportive.
On the other side, a softer tone in the Chicago Board of Trade soy complex put some pressure on canola, keeping the Canadian oilseed within a narrow range.
About 14,000 canola contracts had traded as of 10:42 CDT, with the November/January spread accounting for about three-quarters of the trade volumes.
Milling wheat, durum, and barley futures were all untraded and unchanged.
