By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 18 (CNS Canada) – ICE Futures canola contracts were holding onto small gains in the most active months Friday morning, although activity was thin and choppy.
After recovering off of major chart support the previous two sessions, the nearby technical bias has shifted back to the upside. Early strength in Chicago Board of Trade soybeans, tied in part to optimism over improving trade relations with China, contributed to the early buying interest in canola.
However, concerns over possible disruptions to Canadian trade with China kept some caution in the canola market. Strength in the Canadian dollar and ample supplies in the commercial system also weighed on values.
Markets in the United States will be closed Monday for Martin Luther King Jr. Day. The ICE canola market will trade its usual hours.
About 3,300 canola contracts had traded as of 8:52 CST.
