By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 21 (MarketsFarm) – ICE Futures canola contracts were holding onto small gains Thursday morning in thin and choppy activity.
Chicago Board of Trade soybeans and soyoil futures were slightly firmer in early activity, while the Canadian dollar was weaker.
Supportive nearby technical signals underpinned the canola market, as prices continued to recover off of their nearby lows.
However, the longer-term chart trends remain relatively bearish, with analysts of the opinion that any profit-taking correction could be short-lived.
Large old crop supplies and ongoing concerns over Chinese demand also kept some caution in the canola market, according to participants.
About 2,300 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Price Change
Canola Mar 466.40 up 1.70
May 474.20 up 1.70
Jul 486.50 up 1.60
Nov 492.20 up 1.60
