By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 17 (CNS Canada) – ICE Canada canola contracts were down Friday morning, as losses in Chicago Board of Trade soyoil weighed on prices.
Bearish technical signals encouraged speculative selling, as Thursday’s losses shifted the chart bias to the downside, according to participants.
Large South American production prospects and expectations for increased North American oilseed acres this spring were also bearish for canola.
Positioning ahead of the long weekend kept some caution in the market, with Canadian markets closed for provincial holidays and the US closed for President’s Day on Monday, February 20.
About 8,500 canola contracts had traded as of 8:53 CST.
Milling wheat, durum, and barley futures were all untraded.
