By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 8 (CNS Canada) – ICE Futures Canada canola contracts were holding onto small gains Thursday morning, although activity was relatively thin and choppy as participants await the release of the United States Department of Agriculture’s monthly supply/demand report.
Soybean futures in Chicago were up ahead of the report, which is due out at 11:00 CST.
Supportive technical signals contributed to the firmer tone in canola, as the March contract hovers right around the C$500 per tonne mark. Ongoing weakness in the Canadian dollar was also supportive.
However, ample old crop supplies and expectations for an increase in planted acres this spring tempered the upside potential.
About 2,000 canola contracts had traded as of 8:49 CST.
