By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 25 – ICE Canada canola contracts were holding onto small gains Wednesday morning, although activity was thin and choppy as traders on both sides of the border start to move to the sidelines ahead of the US Thanksgiving holiday.
US markets will be closed Thursday and only open for reduced hours on Friday. Canola will trade its normal hours, but the lack of direction from the US should keep some caution in the Canadian market.
For Wednesday, a firmer tone in CBOT soybeans provided some spillover support for canola, according to traders.
Malaysian palm oil and European rapeseed futures were also stronger, while the nearby technical bias has shifted higher.
On the other side, the large supplies overhanging the market remained a bearish influence, according to participants.
About 3,500 canola contracts had traded as of 8:53 CST.
Milling wheat, durum, and barley futures were all untraded.
