By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 21 – Canola contracts on the ICE Futures Canada platform were stronger at midday Monday, as gains in CBOT soyoil and a weaker tone in the Canadian dollar provided support.
“We’re getting our cue off of the bounce in soyoil, which is helping crush margins; along with the weaker Canadian dollar,” said a broker.
Activity was on the quiet side, with a lack of farmer hedges contributing to the advances, the broker added.
However, hedges and farmer deliveries are expected to pick up over the next few days, which should keep buyers from chasing the market higher.
From a chart standpoint the overall downtrend remains intact, with a downside target in the November contract seen around C$462 per tonne, according to the trader.
About 4,700 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:53 CDT:
