By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 13 (CNS Canada) – ICE Futures Canada canola contracts were stronger Friday morning, finding some follow-through buying interest after Thursday’s move higher.
Chicago Board of Trade soybeans jumped sharply on Thursday following the USDA’s surprising downward revision to its U.S. soybean yield estimate and remained pointed higher on Friday.
Persistent concerns over harvest delays in parts of Alberta and Saskatchewan remained supportive for canola as well, although forecasts are looking better over the next week.
Chart resistance held to the upside, with the November contract holding below the C$500 per tonne mark. Ample visible supplies in the commercial system also kept a lid on values, as farmers continued to make steady deliveries over the past week, according to the latest Canadian Grain Commission data.
The Canadian dollar was slightly stronger in early activity.
About 9,000 canola contracts had traded as of 9:02 CDT.
Milling wheat, durum, and barley futures were all untraded.
