By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 27 (CNS Canada) – ICE Canada canola contracts were lower Monday morning, as declines in the Chicago Board of Trade soy complex weighed on values.
Bearish technical signals contributed to the losses in canola, as last week’s sharp declines did damage from a chart standpoint, according to analysts.
A general sense of uncertainty in the outside financial markets to start the week was also spilling into the commodities, including canola.
However, solid end user demand and expectations for tightening canola supplies going forward provided some underlying support. Oversold price sentiment helped limit the losses as well.
About 5,000 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded.
