By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 2 (MarketsFarm) – The ICE Futures canola market was stronger at midday Wednesday, with gains in Chicago Board of Trade soyoil behind some of the spillover buying interest.
Bullish chart signals contributed to the gains, as canola remains pointed higher from a technical standpoint.
Positioning ahead of Friday’s stocks report from Statistics Canada accounted for some of the activity. While average trade estimates had placed ending stocks for the 2019/20 crop year at around 2.1 million tonnes, an upward revision to that year’s production in a report out earlier this week was generally seen as a sign that stocks will also be higher, according to a broker.
Uncertainty over the size of the 2020/21 crop also kept some caution in the market, with the canola harvest still in its early stages.
About 15,300 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Price Change
Canola Nov 503.50 up 2.30
Jan 511.00 up 2.00
Mar 516.50 up 1.30
May 521.40 up 1.00
