By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 29 (MarketsFarm) – ICE Futures canola contracts were stronger Friday morning, as speculative short-covering underpinned the market.
After bouncing off of major chart support earlier in the week the nearby technical signals are pointing higher, according to analysts.
Early gains in Chicago Board of Trade soybeans were also supportive for canola, although soyoil was weaker and canola crush margins were deteriorating.
The Canadian dollar was up by nearly half of a cent relative to its United States counterpart, tempering the upside in canola.
Ongoing uncertainty over Chinese demand also remained a bearish influence in the background.
The United States Department of Agriculture releases its Prospective Plantings report later Friday morning, and any surprises in the data should provide direction
About 7,000 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Price Change
Canola Mar 458.90 up 3.70
May 466.30 up 3.50
Jul 476.80 up 3.00
Nov 483.70 up 3.40
