By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 28 – ICE Canada canola contracts were stronger Monday morning, seeing some follow-through buying interest to start the week after Friday’s advances.
The nearby technical bias has shifted back to the upside, according to analysts, which accounted for some of the speculative buying.
Weakness in the Canadian dollar, overnight advances in Malaysian palm oil, solid end user demand, and a lack of aggressive farmer selling all contributed to the firmer tone in canola, according to participants.
However, improving production ideas as the Canadian harvest advances did put some pressure on values.
Losses in CBOT soybeans and soyoil were also weighing on canola in early activity.
About 6,000 canola contracts had traded as of 8:56 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:56 CDT:
