By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 29 (CNS Canada) – ICE Canada canola contracts were down Tuesday morning, seeing some follow-through selling after Monday’s technically bearish close.
Canola briefly traded at its highest levels in five months on Monday, but ran into resistance and speculative selling came forward to weigh on prices. That selling continued on Tuesday, with losses in Chicago Board of Trade soybeans and soyoil contributing to the bearish tone.
However, the Canadian dollar was slightly weaker in early activity, which provided some underlying support for canola.
Solid export and domestic crusher demand helped underpin the canola market as well.
About 6,000 canola contracts had traded as of 8:59 CST.
Milling wheat, durum, and barley futures were all untraded.
