By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 14 (CNS Canada) – ICE Futures canola contracts traded to both sides of unchanged Friday morning, although the bias was turning lower in the most active months.
Losses in Chicago Board of Trade soyoil futures and bearish technical signals contributed to the softer tone in canola, according to participants. Concerns over Chinese demand also kept some caution in the canola market.
However, weekly export movement reported by the Canadian Grain Commission was solid at 226,200 tonnes. That compares with only 99,800 tonnes the previous week.
Early weakness in the Canadian dollar also provided some underlying support for canola.
About 6,600 canola contracts had traded as of 8:58 CST.
