By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 16 (CNS Canada) – ICE Futures canola contracts were weaker Friday morning, as bearish technical signals continued to weigh on values.
Overnight losses in Chicago Board of Trade soyoil futures contributed to the softer tone in canola, although soybeans were edging higher in early activity.
The Canadian dollar was stronger Friday morning, which put some additional pressure on canola.
On the other side, ideas that the recent losses in canola were starting to look overdone provided some support. Ongoing uncertainty over the size and quality of this year’s Canadian canola crop also helped underpin the futures.
About 2,700 canola contracts had traded as of 8:50 CST.
