By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sep. 25 (CNS Canada) – ICE Futures canola contracts were stronger at midday Tuesday, as persistent harvest delays and gains in Chicago Board of Trade soybeans provided support.
Cool and wet conditions continue to stall harvest operations across much of Western Canada, keeping prices well supported. The soybean harvest in the United States was also facing rain-related delays.
“Until we see combines start rolling again, this market’s not going down,” said a trader.
Supportive chart signals contributed to the gains in canola, with a move above the C$490 per tonne level in the November contract bringing in some additional speculative buying.
About 8,500 canola contracts traded as of 10:55 CDT.
