By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 29 (CNS Canada) – ICE Futures canola contracts were stronger Monday morning, seeing a continued recovery off of the lows hit last week.
Early gains in Chicago Board of Trade soybeans contributed to the firmer tone in canola. Recent weakness in the Canadian dollar and a slow-down in seasonal harvest pressure were also supportive.
However, the nearby technical bias remains to the downside, which should be making any advances a selling opportunity from a chart standpoint.
CBOT soyoil futures were also showing some softness after overnight gains.
About 3,200 canola contracts had traded as of 8:38 CDT.
