By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 6 (CNS Canada) – ICE Canada canola contracts were narrowly mixed Monday morning, as the market ran to some upside resistance.
Canola was posting gains in sympathy with the US soy complex in overnight activity, but as soybeans retreated below unchanged canola also backed away from its overnight highs.
The most active May contract is nearing major chart resistance, which contributed to the selling pressure, according to participants.
Farmer hedges at the highs were another bearish influence.
However, solid end user demand on the other side remained supportive. A weaker tone in the Canadian dollar, helped underpin canola as well.
About 4,000 canola contracts had traded as of 8:53 CST.
Milling wheat, durum, and barley futures were all untraded.
