By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 23 – Canola contracts on the ICE Futures Canada platform were stronger at midday Wednesday, as gains in CBOT soyoil, a weaker Canadian dollar, and solid end user demand provided support.
Line companies and domestic crushers were both said to be showing good demand, as they work to fill orders and encourage more farmer deliveries, according to a broker.
Speculative short-covering contributed to the gains, as values moved off of nearby chart support.
However, rising production prospects did limit the advances, as yield reports continue to beat expectations as the harvest moves forward across Western Canada.
Ideas that canola is looking overpriced compared to other oilseeds put some pressure on values as well, said traders.
About 9,500 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:53 CDT:
