By Dave Sims, Commodity News Service Canada
WINNIPEG, August 10 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at 10:20 CDT on Thursday, taking strength from gains in vegetable oil and some technical trade.
Buying intensified after the front-month November contract broke through major resistance at C$513 per tonne, according to an analyst.
Traders were also taking positions ahead of today’s USDA supply and demand estimates. There are ideas the report will be friendly to soybeans, which was supportive. The report is scheduled to be released at 11:00 CDT.
Heat damage to portions of southern Saskatchewan and southern Alberta continues to underpin prices.
However, oilseed crops across North America are expected to be very large this year, which was bearish.
Recent rains across Western Canada and the US Plains undermined values.
About 10,000 canola contracts had traded as of 10:20 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:20 CDT:
