By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 4 (CNS Canada) – ICE Futures Canada canola contracts were chopping around both sides of unchanged in thin and choppy activity on Thursday, although the bias was turning higher by midsession.
Supportive technical signals helped underpin canola, as the market continues to see a modest recovery off of nearby lows.
A lack of farmer selling was also said to be underpinning the futures, while end user demand remains relatively solid.
A softer tone in the Chicago Board of Trade soy complex tempered the upside in canola. Recent strength in the Canadian dollar also weighed on values.
The narrowing of the July/November spread was a minor feature amid diminishing concerns over tightening old crop stocks and expectations for increased canola acres this spring.
