By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 2 (CNS Canada) – ICE Futures Canada canola contracts were stronger Thursday morning, as the nearby technical signals remain pointed higher.
Fund traders have been adding to long positions all week and remained on the buy-side to start the day as Wednesday’s close above the C$520 per tonne level in the January contract was supportive from a chart standpoint.
Gains in Chicago Board of Trade soybeans provided spillover support, while the recent weakness in the Canadian dollar continued to underpin the futures as well.
However, the currency was showing some stability Thursday morning, which limited its supportive influence on canola. Soyoil futures in Chicago were also softer in early activity.
About 3,100 canola contracts had traded as of 8:54 CDT.
