By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 2 (CNS Canada) – ICE Futures Canada canola contracts were holding steady at midday Thursday, seeing some consolidation near the top end of its long-term trading range.
The Canadian dollar was showing some strength relative to its U.S. counterpart while Chicago Board of Trade soyoil futures were steady to lower, which weighed on canola.
Chart-based selling contributed also kept canola under pressure amid ideas that canola was starting to look overdone to the upside.
However, “there’s an undercurrent of buying keeping (canola) fairly firm,” said a broker. He added that a lack of significant farmer selling also provided support.
Gains in Chicago Board of Trade soybeans were also supportive.
About 8,000 canola contracts had traded as of 11:04 CDT.
