By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 28 (CNS Canada) – ICE Canada canola contracts were up Monday morning, with gains in the Chicago Board of Trade soy complex providing some spillover support.
Malaysian palm oil and European rapeseed futures were also up in overnight activity.
The nearby technical bias is pointing higher, which contributed to the firmer tone, according to participants.
However, canola was also running into major chart resistance, and analysts said the market could be due for a profit-taking correction.
Strength in the Canadian dollar, which was up by roughly half a cent relative to its US counterpart, also put some pressure on canola.
About 6,500 canola contracts had traded as of 8:49 CST, with the January/March spread a feature of the early activity.
Milling wheat, durum, and barley futures were all untraded.
