By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sep. 27 (CNS Canada) – ICE Futures canola contracts were stronger at midday Thursday, as persistent harvest delays across Western Canada provided support.
The cool and wet weather conditions across much of the Prairies have raised concerns over yield and quality losses as the harvest drags on.
Weakness in the Canadian dollar contributed to the firmer tone in canola, with the currency losing roughly three-quarters of a cent relative to its United States counterpart over the past two days.
Chart-based buying was also supportive, as prices moved above some key moving averages and brought in some speculative short-covering.
However, ideas that canola remains expensive compared to other oilseeds tempered the advances.
About 10,000 canola contracts traded as of 10:58 CDT.
