By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 14 (CNS Canada) – ICE Canada canola contracts were posting small losses Tuesday morning, seeing some follow-through selling after Monday’s lower close.
After trending higher for two weeks, canola ran into upside resistance from a chart standpoint, according to analysts who said the speculative selling pressure could build on itself.
Declines in Chicago Board of Trade soybeans, a firmer tone in the Canadian dollar, and good South American crop prospects were also seen as bearish.
However, solid end user demand kept canola well supported, according to participants. A lack of significant farmer selling was also noted.
About 5,500 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded.
