By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 17 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Thursday, seeing a modest recovery after Wednesday’s declines.
Gains in Chicago Board of Trade soyoil contracts provided some spillover support for canola, although soybeans held closer to unchanged.
Dry conditions across much of Western Canada contributed to the firmer tone, with many areas in need of moisture and only minimal rainfall in the nearby forecasts.
Chart signals were also supportive, as the market recovered after testing below the 50-day moving average.
About 8,000 canola contracts had traded as of 10:44 CDT.
