By Phil Franz-Warkentin and Jade Markus, Commodity News Service Canada
WINNIPEG, Feb. 15 – ICE Canada canola contracts were down Wednesday morning, seeing some follow-through selling after Tuesday’s weaker close.
Canola continues to fall off of the two-month highs hit last week, with speculative long-liquidation a feature as chart signals turn lower.
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.
The Malaysian palm oil market closed higher overnight, which brought strength to the soy oil market, limiting the downside in canola.
About 6,005 canola contracts had traded as of 8:57 CST.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:57 CST:
