By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 2 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Friday, as the nearby technical bias has shifted higher and advances in Chicago Board of Trade soyoil provided spillover support.
Canola received a boost earlier in the week on news that China would delay the implementation of stricter dockage allowances. The expectations for increased export demand in the short-term and an eventual long-term solution to the trade issue continued to keep some buying in the futures on Friday, according to participants.
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In addition, the CBOT soybeans and soyoil were both up on Friday, which added to the firmer tone in canola.
On the other side, a stronger tone in the Canadian dollar did temper the advances.
Seasonal harvest pressure kept a lid on the gains, although there are also still enough areas of concern across the Prairies to provide some support as well.
Canadian and US markets will be closed Monday, September 5, for Labour Day, and positioning ahead of the long weekend was a feature.
About 10,000 canola contracts had traded as of 10:52 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
