By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 27 (CNS Canada) – ICE Futures canola contracts were stronger Tuesday morning, seeing a modest correction after Monday’s declines.
Early gains in Chicago Board of Trade soyoil and soybeans provided some spillover support for canola, according to participants. Softness in the Canadian dollar and ideas that recent losses were overdone added to the firmer tone.
However, the overall technical trend remains pointed lower, which was making any gains a selling opportunity from a chart standpoint.
Traders were also showing some caution ahead of the G20 summit in Argentina later in the week, with trade relations between the United States and China being followed closely.
About 3,000 canola contracts had traded as of 8:53 CST.
