By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 15 (CNS Canada) – ICE Futures Canada canola contracts were stronger Wednesday morning, seeing a modest recovery off of the three-week lows hit Tuesday.
A firmer tone in the Chicago Board of Trade soy complex and weakness in the Canadian dollar contributed to the early gains in canola, according to participants.
Solid end user demand from both exporters and domestic crushers kept the canola market underpinned as well.
However, recent losses have shifted the nearby technical bias to the downside, which could limit the bounce. Improving crop prospects for South American soybeans should also keep a lid on the oilseed markets.
About 4,000 canola contracts had traded as of 8:58 CST.
