By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 26 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Monday, taking some direction from advances in Chicago Board of Trade soybeans and weakness in the Canadian dollar.
Supportive technical signals and the resulting speculative buying interest contributed to the firmer tone in canola, according to participants.
The United States Department of Agriculture releases its prospective plantings report on Thursday, and positioning ahead of the data was a feature in the grains and oilseed markets on Monday.
Large old crop canola supplies and expectations for increased seeded acres this spring tempered the upside in the futures. Canola was also nearing chart resistance as values hit their highest levels in a week.
About 7,000 canola contracts had traded as of 10:42 CDT.
