By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sep. 20 (CNS Canada) – ICE Futures canola contracts were weaker Thursday morning, as bearish technical signals kept speculators on the sell side.
Seasonal harvest pressure, losses in Chicago Board of Trade soybeans, poor crush margins and a firmer tone in the Canadian dollar contributed to the declines in canola.
However, adverse weather conditions in parts of Western Canada remained somewhat supportive, as the cool and wet weather delays harvest operations.
Chart support was also holding to the downside in early activity.
About 2,200 canola contracts had traded as of 8:55 CDT.
