By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Wednesday, seeing a modest recovery following recent losses.
Gains in Chicago Board of Trade soybeans and soyoil provided underlying support for canola, while a weaker tone in the Canadian dollar contributed to the gains.
However, the nearby chart signals have shifted to the downside, with any advances possibly seen as a selling opportunity, according to a trader.
Expectations for a large South American soybean crop, signs of slowing export demand for canola, and ideas that Canadian farmers will plant more canola in 2017 all put some pressure on values as well.
About 9,000 canola contracts had traded as of 10:44 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
