By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 3 (CNS Canada) – ICE Canada canola contracts were holding near unchanged Friday morning, in light early trade as participants squared positions following the large moves seen earlier in the week.
The bias was to the upside in most months, as crush margins showed marked improvement in recent days on the back of weakness in the Canadian dollar and strength in US soyoil.
The nearby chart signals are pointed higher, which helped underpin canola as well.
While logistics issues in Brazil moving soybeans from the country to port positions were somewhat supportive for the oilseed markets, South American production is still expected to be large overall which weighed somewhat on values.
Increased farmer hedges, following the rally earlier in the week, also served to temper the advances.
About 4,000 canola contracts had traded as of 9:02 CST.
Milling wheat, durum, and barley futures were all untraded.
