By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 22 (CNS Canada) – ICE Canada canola contracts were stronger Wednesday morning, seeing a correction after dropping sharply the previous two sessions.
The most active November contract bounced off of its 100-day moving average, which was supportive from a chart standpoint.
End-user bargain hunting, gains in Chicago Board of Trade soyoil, and the need to keep some weather premiums in the market helped underpin the market as well, according to participants.
However, crop conditions remain relatively favourable for the time being across most of North America. The firmer Canadian dollar and generally bearish technical signals also put some pressure on canola to start the day.
About 6,500 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded.
