By Phil Franz-Warkentin, Commodity News Service Canada
February 17, 2015
Winnipeg – ICE Canada canola contracts were holding onto small gains Tuesday morning, as bullish technical signals and spillover from the advances in CBOT soybeans provided some underlying support.
Canola futures moved above nearby chart resistance on Friday and managed to see some follow-through speculative buying interest Tuesday morning. Canadian and US markets were closed Monday.
Solid commercial demand contributed to the firmer tone in canola.
However, the gains were tempered somewhat by the strength in the Canadian dollar, which was up by roughly half a cent relative to its US counterpart.
Losses in soyoil, the large South American soybean crop, and ideas that canola was starting to look overbought also helped limit the advances, said participants.
About 5,000 canola contracts had traded as of 8:43 CST.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:43 CST:
