By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 15 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Wednesday, taking some direction from the advances in the Chicago Board of Trade soy complex.
After hitting their lowest levels in weeks on Tuesday, both soybeans and canola were due for a correction on Wednesday. Speculators were noted buyers in canola, with that buying interest building on itself as the session progressed.
Solid end-user demand from both exporters and domestic crushers contributed to the gains, according to participants. The Canadian dollar was also softer at midsession.
However, recent losses have shifted the nearby technical bias to the downside, which could limit the bounce. Improving crop prospects for South American soybeans should also keep a lid on the oilseed markets.
About 8,800 canola contracts had traded as of 10:53 CST.
