By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 16 (CNS Canada) – ICE Canada canola contracts were holding near unchanged Tuesday morning, although the bias was turning to the upside.
Gains in CBOT soybeans did lend some spillover support to canola, according to traders. However, soy oil was down, which weighed on the other side.
The Canadian dollar was firmer in early activity following crude oil, but drifted below unchanged. The weaker currency contributed to the eventual move higher in canola.
The nearby chart signals are said to be looking somewhat supportive for canola, as the market continues to correct off of the nearby lows hit last week.
About 5,500 canola contracts had traded as of 8:56 CST.
Milling wheat, durum, and barley futures were all untraded.