By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 25 (CNS Canada) – ICE Futures Canada canola contracts were stronger Wednesday morning, as gains in the Chicago Board of Trade soy complex provided spillover support.
Weakness in the Canadian dollar added to the firmer tone in canola, as the currency dipped below 79 U.S. cents.
The nearby technical signals remain pointed higher for canola, and chart-based buying contributed to the gains, according to participants.
However, ample nearby supplies kept a lid on the market, as end users have little reason to bid up the futures right now. Expectations that farmers in northern Alberta will be able to wrap up harvest operations, despite ongoing delays, also weighed on prices.
About 6,000 canola contracts had traded as of 9:00 CDT.
Milling wheat, durum, and barley futures were all untraded.
