By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 22 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Tuesday, as speculators added to their net long positions.
A move above nearby chart resistance contributed to the firmer tone, as the November contract moved to its highest point in more than a week.
Uncertainty over the size of this year’s canola crop contributed to the gains, as participants adjust positions ahead of the August 31 production report from Statistics Canada.
Strength in Chicago Board of Trade soyoil provided spillover support for canola. However, the Canadian dollar was also stronger on Tuesday, which put some pressure on values.
About 8,000 canola contracts had traded as of 10:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
