By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 3 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Tuesday, taking some direction from the gains in Chicago Board of Trade soybeans and soybean oil.
“Bean oil is getting a kick and breaking through some trend lines,” said a trader.
Nearby chart-signals remain pointed higher for canola as well, with speculators adding to long positions as values hit some of their best levels of the past month.
However, the Canadian dollar was also showing strength on Tuesday, which tempered the upside potential in canola as crush margins held relatively flat.
About 10,700 canola contracts had traded as of 10:51 CDT.
