By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 10 (CNS Canada) – ICE Futures Canada canola contracts were weaker Friday morning, seeing some follow-through selling after Thursday’s declines.
A bearish reaction to yesterday’s U.S. Department of Agriculture’s monthly supply/demand report sent both Chicago Board of Trade soybeans and the Canadian canola futures lower. While soybeans were seeing some consolidation Friday morning, soyoil was still pointed down.
Thursday’s losses were also bearish from a technical standpoint as values backed away from major upside resistance.
However, solid end-user demand underneath the market kept canola well supported.
ICE Futures Canada will be closed Monday, November 13, for Remembrance Day, while U.S. markets will remain open. Positioning ahead of the Canadian long weekend could keep some caution in the canola market on Friday.