By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 7 (CNS Canada) – ICE Futures Canada canola contracts were posting small gains Tuesday morning, as supportive technical signals and solid end-user demand provided support.
The January contract moved back above the C$520 per tonne mark, helping keep the overall technical bias pointed higher as the market retested the nearby highs hit last week.
Advances in the Chicago Board of Trade soy complex and weakness in the Canadian dollar contributed to the early strength in canola, according to participants.
The USDA releases its monthly supply/demand report on Thursday, November 9, and pre-report positioning is expected to be a feature in the North American grain and oilseed futures over the next few days.
About 3,800 canola contracts had traded as of 8:53 CST.
