By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 24 (CNS Canada) – ICE Canada canola contracts were stronger Tuesday morning, with advances in Chicago Board of Trade soyoil providing some underlying support.
Chart-based buying added to the gains, as the most active March contract moved back above C$520 per tonne and brought in more speculators, according to participants.
Solid end-user demand was also supportive, as canola remains attractively priced for both exporters and domestic crushers.
However, declines in CBOT soybeans did put some pressure on canola, as improving South American crop prospects weighed on the US futures.
A stronger tone in the Canadian dollar was another bearish influence in the background.
About 2,600 canola contracts had traded as of 8:58 CST.
Milling wheat, durum, and barley futures were all untraded.
