By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 15 (CNS Canada) – ICE Futures canola contracts were stronger Thursday morning, seeing a modest correction after Wednesday’s drop to 15-month lows.
Early gains in Chicago Board of Trade soybeans and soyoil provided some spillover support for canola amid increased optimism over trade talks between the United States and China.
Uncertainty over the size and quality of this year’s Canadian canola crop also helped underpin the futures.
However, Wednesday’s losses were bearish from a chart standpoint, making any gains a possible selling opportunity, according to participants.
Ample supplies in the commercial pipeline also tempered the advances.
About 4,200 canola contracts had traded as of 8:45 CST.
