By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 17 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Tuesday, as chart-based buying and solid end user demand provided support.
The Canadian dollar was weaker compared to its US counterpart, which helped crush margins show some improvement. A relatively firm tone in Chicago Board of Trade soyoil was also supportive, according to a broker.
November canola “looks like its technically trying to break out,” added the broker. He said fund traders had moved to the long side and were adding to those positions.
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A lack of significant farmer selling, as harvest operations wind down across most of the Prairies and delays persist in other areas added to the strength in canola, according to participants.
Losses in CBOT soybeans put some pressure on canola, tempering the advances. Forecasts calling for improving harvest weather over the next week in some of the delayed areas also put some pressure on values.
About 11,000 canola contracts had traded as of 10:42 CDT, with the November/January spread a feature as participants continue to roll out of the front month.
Milling wheat, durum, and barley futures were all untraded and unchanged.
