By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 15 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, as solid end-user demand and a lack of significant selling pressure provided support.
“We’re up on thin volume and a lack of selling,” said a broker. He added that “somebody must have done some business,” and was now being forced to pay up in the lightly traded market.
Supportive technical signals added to the firmer tone, according to participants.
However, a rally in the Canadian dollar tempered the upside. A mixed tone in the CBOT soy complex was also bearish for values.
About 8,000 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
