By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 15 (CNS Canada) – ICE Futures canola contracts were posting small losses Tuesday morning, seeing some follow-through selling after Monday’s declines.
The March contract broke below the psychological C$480 per tonne mark on Monday, which was bearish from a chart standpoint and opened the door to a test of the next support in the C$470 to C$475 per tonne area.
A lack of significant end user demand contributed to the softer tone in canola, as commercial traders were content to buy on a scale-down basis.
Losses in Chicago Board of Trade soybean futures added to the softer tone in canola, although soyoil prices were higher.
About 3,400 canola contracts had traded as of 8:47 CST.
