By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 13 (CNS Canada) – ICE Futures canola contracts were posting small losses Tuesday morning, as traders returned to the market after a long weekend.
The ICE canola market was closed on Monday for Remembrance Day, while the Chicago Board of Trade soy complex traded its normal hours. Soybeans were weaker on Monday, but were steady on Tuesday.
Bearish technical signals and ample supplies in the commercial pipeline put some pressure on canola, according to participants.
However, chart support was holding to the downside amid ideas that the recent losses were looking overdone.
Uncertainty over the size and quality of this year’s Canadian canola crop also kept some caution in the market.
About 2,400 canola contracts had traded as of 8:48 CST.
