By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 26 (CNS Canada) – ICE Futures canola contracts were weaker Monday morning, taking some direction from Chicago Board of Trade soybeans and soyoil.
Bearish technical signals, a firm tone in the Canadian dollar, and ample supplies in the commercial pipeline all contributed to the early selling pressure in canola, according to participants.
However, end-user bargain hunting provided some underlying support amid ideas that canola is starting to look more attractively priced.
China and the United States are set to meet and talk about trade at the G20 summit in Argentina later this week, and oilseed traders will be following developments closely in the lead-up to the meeting.
About 3,000 canola contracts had traded as of 8:56 CST.
