By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 3 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Wednesday, as oversold price sentiment had the market continuing to correct off of nearby lows.
Gains in the Chicago Board of Trade soyoil market and a slightly softer tone in the Canadian dollar contributed to the strength in canola, according to traders.
However, expectations for increased farmer deliveries, as temperatures show some moderation across the Prairies, tempered the upside.
The technical outlook also remains relatively bearish despite the recent corrective bounce.
About 8,000 canola contracts had traded as of 10:49 CST.
