By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 1 (CNS Canada) – ICE Futures canola contracts were weaker Thursday morning, with bearish technical signals behind much of the early selling pressure as prices tested new yearly lows.
Strength in the Canadian dollar, which was up by about half a cent relative to its United States counterpart, contributed to the softer tone in canola. A lack of significant end user demand, as the commercial pipeline is filled up with recently harvested supplies, also weighed on values.
However, Chicago Board of Trade soybeans and soyoil were stronger in early activity, which provided some spillover support for canola. Ideas that the recent losses were starting to look overdone also helped temper the declines.
About 2,400 canola contracts had traded as of 8:48 CDT.
