By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 20 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Wednesday, as gains in Chicago Board of Trade soybeans and harvest delays in parts of Western Canada provided support.
Cool and wet conditions in Alberta, including snow in some areas, were expected to delay the harvest while also raising quality concerns.
Chart-based buying contributed to the gains, as the range-bound canola market continued to correct off of the nearby lows hit last week.
Solid export demand added to the firmer tone in canola, although the seasonal increase in farmer deliveries kept a lid on the upside.
The record large canola crop forecast by Statistics Canada on Tuesday, of 19.7 million tonnes, also remained a bearish influence in the background.
About 4,800 canola contracts had traded as of 10:49 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
