By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 11 (CNS Canada) – ICE Futures Canada canola contracts were weaker Monday morning, as seasonal harvest pressure weighed on prices.
Farmers were thought to have made good harvest progress over the weekend, as weather conditions were relatively favourable across most of the Prairies.
Bearish technical signals and the continued strength in the Canadian dollar contributed to the early selling pressure, according to participants.
A firmer tone in Chicago Board of Trade soybeans and soyoil provided some underlying support for canola, helping limit the losses. Chart support was also holding to the downside as the November contract neared the bottom edge of its nearby trading range.
About 5,000 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded.
