By Phil Franz-Warkentin, Commodity News Service Canada
October 6, 2014
Winnipeg – ICE Canada canola contracts were up Monday morning, seeing some follow-through buying interest after Friday’s firmer close.
Friday’s move back above C$400 per tonne in the November contract was supportive from a technical standpoint, which encouraged more buying interest to start the week, said traders.
Gains in CBOT soybeans and soyoil contributed to the advances in canola, according to participants. While the record US soybean production prospects do remain a bearish influence overhanging the oilseeds in general, forecasts calling for harvest delaying weather and possible frosts gave the soy complex a boost to start the week.
Early strength in the Canadian dollar did temper the upside potential in canola.
The advancing Canadian harvest, together with yield reports that were beating expectations in some cases, limited the gains as well.
About 4,300 canola contracts had traded as of 8:39 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 8:39 CDT:
