By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 17 CNS Canada) – ICE Canada canola contracts were posting small losses Wednesday morning, as bearish technical signals and gains in the Canadian dollar weighed on prices.
The currency was up by roughly half a cent relative to its US counterpart, which makes exports less attractive to international buyers and also cuts into domestic crush margins.
Canola has also run into resistance from a chart perspective, and the lack of follow-through strength following recent gains had some investors returning to the sell side, according to participants.
However, gains in CBOT soybeans and soyoil did provide some spillover support, helping temper the declines.
About 6,000 canola contracts had traded as of 9:02 CST.
Milling wheat, durum, and barley futures were all untraded.
