By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 17 (CNS Canada) – ICE Futures Canada canola contracts were holding onto small gains at midday Friday, taking some direction from Chicago Board of Trade soybeans.
A weaker tone in the Canadian dollar, which was down by about a third of a cent relative to its U.S. counterpart also provided some support.
However, CBOT soyoil futures were posting losses at midsession, which tempered the upside potential in canola.
Positioning ahead of the weekend was a feature, as canola hovers right below major upside resistance.
Visible commercial stocks rose to 1.4 million tonnes in the latest weekly Canadian Grain Commission report, from 1.3 million the previous week, as farmers delivered just under 400,000 tonnes of canola into the pipeline and exports were down considerably.
About 5,500 canola contracts had traded as of 10:00 CST.
