By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 7 (CNS Canada) – ICE Canada canola contracts were posting small gains in the most active months Monday morning, as advances in Chicago Board of Trade soybeans and soyoil provided support.
Solid domestic crusher demand contributed to the firmer tone in canola, according to participants.
However, improving weather conditions across Western Canada, and ideas that producers were making some progress bringing in the last of the canola crop, did limit the upside. Technical resistance was also holding, with the nearby chart bias pointed lower.
Uncertainty ahead of the US election on Tuesday was in the background of all the financial and commodity markets on Monday. Positioning ahead of Wednesday’s USDA supply/demand report also kept grain and oilseed traders from pushing values too far one way or the other.
About 2,500 canola contracts had traded as of 8:35 CST.
Milling wheat, durum, and barley futures were all untraded.
