By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 14 (CNS Canada) – ICE Futures canola contracts were weaker Monday morning, taking some direction from the Chicago Board of Trade soy complex.
A lack of significant end user demand contributed to the softer tone in canola, as commercial traders were content to buy on a scale-down basis.
Bearish chart signals, Chinese economic concerns and recent strength in the Canadian dollar also weighed on values.
However, support was holding to the downside in early activity, while the Canadian dollar was holding near unchanged. Weather concerns for soybean crops in parts of South America also provided some support for the North American oilseeds.
About 2,000 canola contracts had traded as of 8:51 CST.
