By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 12 (CNS Canada) – ICE Futures canola contracts were trading to both sides of unchanged Tuesday morning, lacking any clear direction in thin and choppy activity.
After posting large losses in recent weeks there are ideas that the canola market may have found some short-term support from a chart perspective.
End-user bargain hunting was also thought to be underpinning the futures.
However, concerns over declining Chinese demand for Canadian canola, due to political tensions between the two countries, remained a bearish influence in the background.
The Canadian dollar was steady in early activity, while Chicago Board of Trade soybeans and soyoil were higher.
About 2,000 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Price Change
Canola Mar 456.10 up 0.30
May 464.40 up 0.30
Jul 477.30 up 0.20
Nov 483.50 unchanged
