By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 14 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Thursday, as declines in the Chicago Board of Trade soy complex weighed on values.
Bearish technical signals contributed to the losses, as canola continues to test new lows for the latest move.
Declining basis levels in the countryside added to the softer tone, as commercials start to back away from the market, according to a trader.
Ideas that the market was starting to look oversold helped temper the declines. A lack of significant farmer selling was also supportive.
About 20,000 canola contracts had traded as of 11:07 CST.