By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 27 (MarketsFarm) – The ICE Futures canola market was posting solid gains Wednesday morning, seeing a continuation of Tuesday’s corrective bounce off nearby lows.
Gains in outside markets provided spillover support, with Chicago soyoil, European rapeseed and Malaysian palm oil all stronger.
Wide crush margins and ideas that canola was starting to get overdone to the downside helped underpin the market.
However, seasonal harvest pressure remained a bearish influence in the background, amid relatively favourable Prairie weather conditions. Manitoba’s canola harvest was pegged at 78 per cent complete in the latest provincial crop report, with yields ranging anywhere from 20 to 60 bushels per acre.
About 18,000 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Nov 724.30 up 10.10
Jan 732.60 up 9.30
Mar 736.00 up 6.60
May 738.00 up 3.60
