By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 11 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Monday, hitting their lowest levels in two months as declines in the Chicago Board of Trade soy complex weighed on values.
Bearish technical signals contributed to the declines, although canola found some support to the downside.
“We’re holding up reasonably well,” said a broker, noting that canola could be down considerably more on paper given the declines in soyoil and firmer tone in the Canadian dollar.
Solid demand from both exporters and domestic crushers also helped underpin the futures, although export demand is starting to slow down for the season.
About 15,000 canola contracts had traded as of 10:56 CST.