By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 3 – ICE Canada canola contracts were stronger Tuesday morning, as gains in the CBOT soy complex provided some support.
The January contract managed to hold above nearby support after a choppy day on Monday, and the nearby technical signals are starting to look a bit more supportive, according to participants accounting for some of the speculative buying interest.
The Canadian dollar was down by about a third of a cent relative to its US counterpart in early activity, which contributed to the gains in canola as the softer currency will make exports more attractive to international buyers.
On the other side, rising North American production ideas and improving South American weather conditions both put some pressure on values, according to participants.
About 3,000 canola contracts had traded as of 8:53 CST.
Milling wheat, durum, and barley futures were all untraded.
