By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 28 (MarketsFarm) – ICE Futures canola contracts were stronger Thursday morning, seeing a modest correction as the market consolidates right above major lows.
Canola managed to hold above major chart support on Wednesday, which was seen as constructive from a technical standpoint, according to analysts.
Early gains in Chicago Board of Trade soybeans and a slightly weaker tone in the Canadian dollar also underpinned the canola market on Thursday.
However, uncertainty over Chinese demand remained a bearish influence in the background.
The United States Department of Agriculture releases its Prospective Plantings report on Friday, and positioning ahead of the data could become a feature on Thursday.
About 4,000 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric ton at 8:38 CDT:
Price Change
Canola Mar 453.50 up 2.10
May 461.00 up 1.80
Jul 472.90 up 1.70
Nov 479.80 up 1.80
