By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 2 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Monday, as improving crush margins provided support.
Gains in Chicago Board of Trade soyoil and weakness in the Canadian dollar underpinned crush margins, keeping domestic processors on the buy side, according to participants.
Speculators adding to long positions contributed to the firmer tone, with the nearby technical signals still pointed higher.
While a softer-tone in CBOT soybeans did put some pressure on values, canola lagged beans to the upside on Thursday and had little reason to follow beans lower on Monday, said a trader.
Uncertainty in the global financial markets kept some caution in the grains and oilseeds, as a mounting trade dispute between the United States and China sent equities lower.
About 11,500 canola contracts had traded as of 10:53 CDT.
