By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 30 (CNS Canada) – ICE Futures canola contracts were stronger Friday morning, taking some direction from Chicago Board of Trade soybeans.
Optimism that the United States and China may be able to make some headway on trade relations at the G20 summit in Argentina accounted for some of the buying interest in the oilseeds.
Early weakness in the Canadian dollar, which was down by about a quarter of a cent relative to its U.S. counterpart, was also supportive.
However, ample supplies in the commercial pipeline tempered the advances. The general technical trend also remains pointed lower for canola, which was making any gains a selling opportunity from a chart standpoint, according to analysts.
About 2,200 canola contracts had traded as of 9:01 CST.
