By Phil Franz-Warkentin, Commodity News Service Canada
October 1, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at midday Wednesday, although the market did run into resistance to the upside.
Gains in CBOT soyoil provided some spillover support for canola, according to participants. Continued weakness in the Canadian dollar was also supportive.
The November canola contract briefly moved above the psychological C$400 per tonne level, but was unable to sustain a move above that key chart point as the general technical downtrend remains in place making any gains a good selling opportunity, according to analysts.
The uncertainty over the size of the Canadian canola crop was keeping some caution in the market, with yield reports highly variable across the Prairies.
Statistics Canada releases updated production estimates on Friday, October 3, and positioning ahead of that report should be a feature over the next few days.
About 7,500 canola contracts had traded as of 10:41 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CDT:
