By Dave Sims, Commodity News Service Canada
WINNIPEG, December 8 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CST on Friday, weighed down by technical selling.
The January contract drifted beneath the low it set earlier this week, which was a bearish signal for traders. Funds were also liquidating their long positions.
Losses in the U.S. soy complex added to the downside.
Statistics Canada’s forecast for a record canola crop this year continued to drag on prices.
However, the Canadian dollar was slightly lower relative to its U.S. counterpart, which made canola more attractive to foreign buyers.
The front-month contract has some psychological support at the C$500 per tonne mark.
About 11,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
