ICE Canola Higher On Follow Through Selling
WINNIPEG, September 25 – Canola contracts on the ICE Futures Canada platform were higher Thursday morning, on follow through selling after this week’s bounce.
Spillover support from palm oil and European rapeseed helped to push values higher along with the weaker Canadian dollar.
Yesterday’s move above C$400 was supported from a technical standpoint with that level now providing a nearby benchmark for the market.
Forecasts continue to call for good harvest conditions across much of the Prairies however Alberta weather is turning slightly cooler. Southern Saskatchewan and Manitoba will stay warmer for a few days longer.
The bias remains pointed lower overall with any gains likely to be limited due to harvest pressure from both canola and US soy.
Soyoil was weaker which limited the gains.
About 1,400 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
