By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 10 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were posting small losses in most months at midday Tuesday, as the market remained under pressure despite advances in the Chicago Board of Trade soy complex.
Bearish chart signals, recent strength in the Canadian dollar, rising South American production prospects, and steady farmer selling all contributed to the softer tone in canola, according to participants.
The March contract is facing major resistance around the C$500 per tonne level, after breaking below that psychological point on Friday.
Relative strength in the CBOT soy complex was supportive, with canola crush margins improving by roughly C$4 per tonne on the day.
About 8,000 canola contracts had traded as of 10:44 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
