By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 4 (CNS Canada) – ICE Futures canola contracts were stronger at midday Tuesday, although activity was choppy.
Gains in Chicago Board of Trade soybeans and soyoil provided spillover support for canola, with speculative short covering also underpinning the futures.
However, losses in the outside equity markets and reduced optimism over the tentative trade truce between the United States and China put some pressure on values, according to a broker.
He added that farmer selling was also coming in on any bounces, as producers look to empty bins and generate cash flow ahead of the New Year.
About 21,000 canola contracts traded as of 10:41 CST, with intermonth spreading a feature.
