By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 7 (CNS Canada) – ICE Futures Canada canola contracts were posting losses Monday morning in thin and choppy activity, taking some direction from Chicago Board of Trade soybeans.
Good seeding weather across Western Canada added to the softer tone, as the favourable conditions helped bolster expectations for record large planted area this year.
Soyoil was holding steady in early activity, providing some underlying support. Technical signals are also pointed higher, according to analysts.
About 2,000 canola contracts had traded as of 9:03 CDT.
