By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 31 (CNS Canada) – ICE Futures canola contracts were weaker Wednesday morning, seeing follow-through speculative selling on recent declines as prices hit new lows for the year.
In addition to the bearish technical signals, seasonal harvest pressure also remained a bearish influence as farmers have made good deliveries into the commercial pipeline in recent weeks as the harvest wraps up across the Prairies.
The Chicago Board of Trade soy complex was slightly weaker in early activity.
However, the Canadian dollar was also softer to start the day, which provided some underlying support for canola.
Uncertainty over the size and quality of this year’s canola crop also remained supportive.
About 2,300 canola contracts had traded as of 8:54 CDT.
