By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 29 (CNS Canada) – ICE Futures canola contracts were weaker Thursday morning, taking back some of Wednesday’s gains as speculators returned to the sell side as the general chart signals remain pointed lower.
Wednesday’s bounce also likely brought in some farmer selling, according to participants.
Losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar also weighed on canola in early activity.
However, uncertainty ahead of the G20 meetings in Argentina later this week kept some caution in the market. Traders in the United States have shown some optimism in recent days over the possibility of improved trade relations between the U.S. and China.
About 4,000 canola contracts had traded as of 9:00 CST.
