By Jade Markus, Commodity News Service Canada
WINNIPEG, January 13 – ICE Canada canola contracts were stronger at midday on Friday, supported by investor short-covering near technically important levels.
March canola held above C$500 a tonne ahead of the weekend, after dropping below that mark last week.
“It’s just short-covering, the market has shown some support after turning higher yesterday,” said one Winnipeg-based trader.
Follow-through strength from advances in the Chicago Board of Trade soybean market brought support into the market.
US soybeans advanced on Thursday after the United States Department of Agriculture revised its production estimates for the oilseed lower in its World Agricultural Supply and Demand Estimates.
However, strength in the Canadian dollar limited the upside on Friday.
About 12,107 contracts had traded as of 10:37 CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
