By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 30 (CNS Canada) – ICE Futures canola contracts were posting small losses Tuesday morning, as bearish technical signals had speculators on the sell side in the lightly traded market.
Seasonal harvest pressure and early declines in Chicago Board of Trade soybeans also weighed on canola.
However, with the harvest wrapping up in many areas, farmer selling should be slowing down. Concerns over the size and quality of the later-harvested crops also provided some underlying support.
The Canadian dollar was holding steady in early activity, providing little direction for canola.
About 3,000 canola contracts had traded as of 8:51 CDT.
