By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 29 (MarketsFarm) – The ICE Futures canola market was posting small gains Friday morning, holding above nearby support levels as traders adjusted positions ahead of the weekend.
After trending lower for most of the past month the November contract appears to have uncovered support around the C$710 per tonne level.
Outside markets provided little direction, with Chicago soyoil narrowly mixed, Malaysian palm oil steady and European rapeseed up slightly.
The United States Department of Agriculture will release quarterly stocks data later in the day, with any surprises in the numbers likely to dictate the eventual direction in the markets ahead of the close.
Farmers continue to make steady deliveries into the commercial pipeline. There were just over half a million tonnes of producer deliveries during the week ended Sept. 24, according to the latest Canadian Grain Commission data.
About 10,700 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola Nov 717.50 up 2.00
Jan 726.10 up 1.80
Mar 732.00 up 0.90
May 734.90 up 0.20
