By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 5 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Thursday, as gains in Chicago Board of Trade soybeans and weakness in the Canadian dollar provided support.
Speculators were noted buyers, covering short positions as canola neared upper resistance. Improving crush margins and a lack of significant farmer selling contributed to the gains, according to participants.
However, expectations that farmers will make good progress bringing in the last of the crop over the next few days tempered the upside.
Losses in Chicago soyoil and ideas that export demand was backing away also put some pressure on values.
About 14,000 canola contracts had traded as of 11:17 CDT, with the November/January spread a feature as participants roll out of the nearby month.
Milling wheat, durum, and barley futures were all untraded and unchanged.