ICE Canola Weakens Amid Bearish Technical Signals
By Dave Sims, Commodity News Service Canada
WINNIPEG, November 28 – Canola contracts on the ICE Futures Canada platform were lower on Thursday, tracking losses in U.S. soybeans.
Recent weakness in the vegetable oil market has helped pull canola futures down to their lowest levels in over a month.
Farmer hedges and bearish technical signals contributed to the downside.
However, demand from end-users remains reasonably solid.
The Canadian dollar was lower relative to its U.S. counterpart, which made canola more attractive to international buyers.
Prices in Canadian dollars per metric ton at 8:56 CST:
