By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 11 (CNS Canada) – ICE Futures canola contracts were stronger at midday Friday, seeing a correction after Thursday’s declines.
Follow-through selling was lacking on Friday, after canola fell to trade right above major support on Thursday.
Gains in Chicago Board of Trade soybeans and soyoil contributed to the firmer tone in canola, while a slightly weaker tone in the Canadian dollar was also supportive.
However, a lack of significant end-user demand tempered the upside, as both exports and the domestic crush are falling behind the year ago pace.
The lack of information from the United States Department of Agriculture some caution in the agricultural markets. Monthly USDA supply/demand numbers were supposed to be released today, but have been delayed indefinitely due to the country’s partial government shutdown.
About 5,200 canola contracts traded as of 11:01 CST.