By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 6 (CNS Canada) – ICE Futures canola contracts were weaker at midday Tuesday, as bearish technical signals kept speculators on the sell side.
The most active January contract hit a session low of C$480 per tonne in early activity, but managed to hold above that key chart point. Additional losses are possible if values retest to the downside as canola trades at its weakest levels since August 2017.
Declines in Chicago Board of Trade soybeans put some additional pressure on canola, although soyoil was holding steady.
Crush margins were showing some improvement, which helped temper the declines as canola should be looking more attractively priced to end users.
About 8,100 canola contracts traded as of 10:38 CST.
