By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 22 – ICE Canada canola contracts were holding near unchanged Tuesday morning, seeing some consolidation after rallying above nearby resistance at Monday’s close.
Speculators were noted buyers, as the nearby technical bias has shifted higher. Exporters and domestic crushers also continue to show solid demand, as crush margins remain favourable.
A firmer tone the CBOT soy complex to start the day and overnight advances in Malaysian palm oil were also supportive.
Scale-up farmer selling did limit the advances.
In addition, activity is expected to turn thin and choppy this week, as many participants move to the sidelines ahead of the Christmas and New Year’s holidays.
About 4,000 canola contracts had traded as of 8:58 CST.
Milling wheat, durum, and barley futures were all untraded.
