By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 23 – ICE Canada canola contracts were sharply lower Monday morning, trading below major nearby support as losses in the CBOT soy complex spilled over to weigh on prices.
January canola broke below support at C$459 per tonne to touch a low of C$457 per tonne in overnight trade. While the contract has since recovered somewhat, it is still trading right around that major chart point.
Large supplies overhanging the market remained a bearish influence as well, keeping end users only interested on a scale-down basis, according to participants.
On the other side, the Canadian dollar was weaker Monday morning, which provided some underlying support.
About 7,500 canola contracts had traded as of 8:55 CST.
Milling wheat, durum, and barley futures were all untraded.
