By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 30 – ICE Canada canola contracts were mostly higher Friday morning, as the market saw a modest recovery off of nearby chart support.
The most active January contract settled at its weakest level in over a month on Thursday, holding right above psychological support at the C$470 per tonne level. While the nearby technical bias remains pointed lower, traders said positioning ahead of the weekend provided some support.
Gains in CBOT soybeans contributed to the early strength in canola, although soyoil was slightly softer.
Rising North American production ideas and improving South American weather conditions were both putting some pressure on values, according to participants. On the other side, end user demand remains solid, while farmers are reluctant sellers at current values.
About 3,100 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded.
