By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 22 (CNS Canada) – ICE Canada canola contracts were lower Thursday morning, as losses in the Chicago Board of Trade soybeans and soyoil pressured values.
Bearish technical signals contributed to the declines, as canola dipped below nearby chart support levels.
Relatively favourable South American crop prospects also remained bearish for the oilseeds in general, according to participants.
However, there are still enough areas of concern in the major soybean producing continent to keep some underlying support in the oilseed markets, including canola.
Scale-down end-user demand and a weaker tone in the Canadian dollar helped underpin canola as well.
Positioning ahead of Christmas and the New Year was a feature. Canadian markets will close early on Friday, and remain closed until Wednesday, December 28. US markets reopen a day earlier.
About 10,000 canola contracts had traded as of 8:52 CST.
Milling wheat, durum, and barley futures were all untraded.
