By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 15 (CNS Canada) – ICE Futures Canada canola contracts were holding small gains Friday morning, seeing some consolidation following recent declines.
Canola fell to its weakest levels in three months on Thursday. While the technical bias remains pointed lower, week-end positioning was enough to provide some support on Friday, according to traders.
Gains in Chicago Board of Trade soyoil and a firmer tone in other outside vegetable oil markets also provided some spillover support.
However, recent strength in the Canadian dollar tempered the upside potential as the currency moved back above 78 U.S. cents. Ample supplies in the commercial system also weighed on values.
About 8,000 canola contracts had traded as of 8:56 CST.
