By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 26 (CNS Canada) – ICE Futures Canada canola contracts were posting gains Thursday morning, seeing some follow-through strength after yesterday’s move higher.
A move above nearby resistance encouraged some speculative buying in the market, according to participants.
Continued weakness in the Canadian dollar, after it fell sharply on Wednesday, remained supportive for canola as well.
Chicago Board of Trade soyoil futures were also up in early activity, but soybeans were holding closer to unchanged. A lack of significant end user demand, as the commercial pipeline is full of recently harvested supplies, also kept a lid on the canola market.
About 5,500 canola contracts had traded as of 8:59 CDT.
ICE Futures Canada’s board of directors officially approved the delisting of the milling wheat, durum, and barley futures effective today, October 26. The wheat and durum contracts never saw much activity since being introduced in 2012, while the barley futures have also had no open interest since 2016.
