By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 22 (CNS Canada) – ICE Futures Canada canola contracts were posting small gains Wednesday morning, taking some direction from the advances in Chicago Board of Trade soybeans.
U.S. markets will be closed Thursday for Thanksgiving, while Canadian markets will trade normal hours. Thin and choppy activity is expected as participants move to the sidelines ahead of the holiday.
Solid end user demand and supportive technical signals contributed to the early strength in the lightly traded canola market, according to participants.
However, ample nearby canola supplies and relatively favourable weather conditions for soybeans in South American put some pressure on values. The Canadian dollar was also slightly firmer in early activity.
About 2,200 canola contracts had traded as of 8:53 CST.
