By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 10 (CNS Canada) – ICE Futures Canada canola contracts were mostly weaker Tuesday morning, seeing some follow-through selling after Monday’s retreat from nearby highs as the nearby technical signals turned bearish.
Early strength in the Canadian dollar contributed to the weaker tone in canola, with the currency topping1 79 U.S. cents.
Advances in Chicago Board of Trade soybeans provided some underlying support, but activity was thin and choppy as participants awaited the release of the United States Department of Agriculture’s monthly supply/demand report due out later in the day. Any surprises in the data will likely sway where the grains and oilseeds move by the close.
About 7,500 canola contracts had traded as of 9:00 CDT.
