By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 17 (CNS Canada) – ICE Futures canola contracts were stronger Thursday morning, seeing some follow-through speculative buying interest after Wednesday’s correction off of major chart support.
Gains in Chicago Board of Trade soybeans, a weaker tone in the Canadian dollar, and a lack of significant farmer selling all added to the early strength in canola.
However, soft end user demand tempered the upside, according to participants who said the commercial system remains well supplied for the time being. Concerns over mounting tensions between Canada and China, and the possible impact on canola exports, also kept a lid on the upside.
About 3,500 canola contracts had traded as of 8:57 CST.
