By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 1 – ICE Canada canola contracts were stronger Thursday morning, taking some direction from the advances in CBOT soyoil.
The most active November contract moved above the psychological C$480 per tonne level in early activity, which likely encouraged some additional speculative buying.
However, the contract has tried and failed on numerous occasions over the past week to break decisively above that point, with selling coming forward at the highs.
Harvest pressure also served to temper the advances. Statistics Canada releases updated survey estimates on the size of this year’s crop on Friday, and most market participants anticipate an upward revision from the previous report.
The Canadian dollar was stronger early Thursday, which put some pressure on canola as well.
About 8,000 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded.
