By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 16 (CNS Canada) – ICE Canada canola contracts were down Thursday morning, seeing a modest correction following Wednesday’s rally.
Losses in Chicago Board of Trade soybeans and soyoil put some spillover pressure on canola, while chart-based selling and a firmer tone in the Canadian dollar added to the declines as the market backed away from nearby resistance, according to analysts.
Large South American production prospects and expectations for increased North American oilseed acres this spring were also bearish for canola.
However, solid end user demand provided underlying support, according to traders.
About 5,600 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded.
