By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 28 (CNS Canada) – ICE Canada canola contracts were stronger Tuesday morning, seeing some follow-through buying interest after Monday’s bounce off of nearby lows.
Early advances in Chicago Board of Trade soybeans, solid end-user demand, recent weakness in the Canadian dollar, and concerns over tightening canola supplies contributed to the firmer tone in the futures, according to participants.
However, the longer-term technical bias remains pointed lower, which could bring in some selling on any advances as speculators are still holding a net short position.
Large South American soybean crops and expectations for increased North American oilseed acres this spring also tempered the upside.
About 4,500 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded.
