By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 4 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Friday, posting gains for the fifth-straight session as ongoing Prairie weather concerns were supportive.
Harvest operations remain well behind normal in Saskatchewan and Alberta, with the slow pace limiting farmer selling and encouraging speculative short-covering.
Bullish chart signals contributed to the gains after Thursday’s move above previous resistance.
However, farmers did manage to make some deliveries into the commercial pipeline during the last week of September, according to the latest Canadian Grain Commission data, with visible supplies rising to 894,700 tonnes, from just under 800,000 the previous week.
Chicago Board of Trade soybeans were slightly higher at midday, but soyoil was taking back some of Thursday’s gains.
About 15,000 canola contracts traded as of 10:54 CDT.
Prices in Canadian dollars per metric tonne at 10:54 CDT:
Price Change
Canola Nov 461.30 up 2.10
Jan 470.00 up 1.90
Mar 478.60 up 2.00
May 484.80 up 1.30
