By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 20 (CNS Canada) – ICE Futures canola contracts were stronger at midday Tuesday, as “turnaround Tuesday” activity helped values recover off of nearby lows.
Weakness in the Canadian dollar, which was down by nearly half of a cent relative to its United States counterpart, accounted for some of the gains in canola, according to a trader.
Advances in the Chicago Board of Trade soy complex were also supportive for canola, as U.S. traders showed some renewed optimism over trade relations with China.
However, sharp losses in the equity markets kept some caution in the commodities, as investors were bailing out of energy and tech stocks.
Farmer selling on the bounce also kept a lid on the upside, according to a broker.
About 8,500 canola contracts traded as of 10:49 CST.
