By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 13 (CNS Canada) – ICE Canada canola contracts were down Monday morning, as losses in the Chicago Board of Trade soy complex put some spillover pressure on the market.
Chart-based profit-taking to start the week contributed to the early declines, as canola backed away from the two-month highs hit on Friday.
However, the general technical trend remains pointed higher, which helped temper the losses, according to participants.
Early weakness in the Canadian dollar, solid end-user demand, and persistent uncertainty over the size of the South American soybean crop also helped limit the losses.
About 5,000 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded.
