By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 25 (CNS Canada) – ICE Futures Canada canola contracts were lower Monday morning, taking some direction from the early declines in Chicago Board of Trade soybeans and soyoil.
Seasonal harvest pressure added to the weaker tone in canola, with forecasts calling for drier conditions across most of the Prairies over the next week after a wet weekend.
Solid end user demand on the other side provided underlying support, according to participants.
Technical signals were somewhat mixed to start the week, with recent gains shifting the nearby bias higher, but with resistance also holding to the upside as canola remains stuck in a sideways range.
About 3,000 canola contracts had traded as of 8:58 CDT.
Milling wheat, durum, and barley futures were all untraded.
