By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 24 (CNS Canada) – ICE Futures Canada canola contracts were steady to slightly higher Friday morning, seeing some consolidation after Thursday’s declines.
U.S. markets were closed yesterday for Thanksgiving and will only trade for reduced hours on Friday. Chicago Board of Trade soybeans were steady to lower in early activity.
Canola futures broke below nearby support levels on Thursday, but uncovered some bargain-hunting buying interest at the lows.
Exporters and domestic crushers continue to show solid demand, although the commercial pipeline is well supplied for the time being.
The Canadian dollar was holding steady in early activity.
About 6,500 canola contracts had traded as of 8:58 CST.