By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 31 (CNS Canada) – ICE Futures canola contracts were holding onto small gains at midday Thursday, although activity was thin and choppy as participants squared positions on the last trading day of the month.
The March contract posted larger gains earlier in the day, but neared the 50-day moving average and “ran out of gas,” according to a trader.
He said reversal was bearish from a chart standpoint, although improving crush margins provided some support.
Steady farmer selling, despite the cold temperatures across the Prairies, were another limiting factor on the market.
About 7,800 canola contracts traded as of 10:28 CST.
