By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 13 – ICE Canada canola contracts were posting small losses Friday morning, in quiet trade as declines in CBOT soyoil put some spillover pressure on values.
Malaysian palm oil and European rapeseed futures were also lower overnight, which contributed to the bearish tone in the oilseed markets in general.
Recent activity has also shifted the technical bias to the downside for canola, although the futures were still holding above nearby support in early activity.
The Canadian dollar was weaker Friday morning, which helped limit the losses in canola.
Ideas that recent price weakness would bring in some more offshore demand provided underlying support as well, with talk that China may be in the market for more canola at current values.
About 4,000 canola contracts had traded as of 8:49 CST.
Milling wheat, durum, and barley futures were all untraded.
