By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 3 (CNS Canada) – ICE Futures canola contracts were stronger Wednesday morning, as snow in Alberta highlighted concerns over harvest delays in parts of the Prairies.
Chart-based speculative buying, as Tuesday’s bounce was supportive from a technical standpoint, contributed to the early gains. A weaker tone in the Canadian dollar was also supportive, according to participants.
However, early declines in Chicago Board of Trade soybeans put some spillover pressure on canola, especially as the Canadian oilseed remains comparatively expensive.
About 5,200 canola contracts had traded as of 8:57 CDT.
